Microsoft have finally announced the reveal date for their next generation console, the Xbox 720 (the console's official name has yet to be released, save for the comical project name, Durango). At 6pm on the 21st of May, Microsoft will be streaming their announcement on the official Xbox website and Xbox Live.

Speculation has been rife, with rumours flying around about an "always on" internet connection required to play games, seemingly to combat piracy and cut the second hand games market out of the equation. We're not usually ones to propagate speculation, but after a Twitter faux pas where Microsoft Studios Creative Director Adam Orth suggested that gamers opposed to the prospect of an "always on" console should #dealwithit resulted in his subsequent resignation, one gets the uncomfortable feeling that Microsoft will be adopting this gaming model, despite public opinion being vociferously opposed to it. However, like all console rumours, we won't know for sure until the big reveal.

The internet will no doubt be flooded with further rumours of hypothetical console specifications, controller designs and even payment models. Until we see the official announcement, we're keeping our speculations to ourselves.