The rumors on the web intensify about the launch of Microsoft's next generation xBox this fall. The current name for the second generation xBox could be xBox 360 (Current Codename is Xenon). We will see.

Eurogamer has learned that the launch of the xBox 360 could be already in October/November time-frame. That would be a solid start into the Holiday shopping season and also a good head start to the Sony PS3 that will not come on the market before end of 2006. Apparently Microsoft plans a huge launch even in the UK for the xBox 2 in that time frame that underlines the rumor.
More details on EuroGamer.net

Everything points to Microsoft announcing the next generation xBox at the E3 game industry trade show in May. So looks like there are two must have consoles in 2005: The Sony PSP and the xBox 360.

Xbox 2 News History:
News Surfaces on the Xbox 2
New Details on the new XBox 2
New XBox 2 Details