Microsoft's highly anticipated gaming console, dubbed the Xbox 720,  Xbox Infinity or Durango, will finally be unveiled today at a launch event in Redmond, Washington at 1 pm. ET. The next generation console will be the successor to the Xbox 360, which was released in 2005.

Microsoft's invitation to today's event says that it will "mark the beginning of a new generation of games."

Analysts still do not even know what to call the new Microsoft console yet. Some have suggested that Project Durango is just a codename being used for the console and that it will be released as the Xbox 720. Forbes meanwhile has suggested Xbox Infinity as the name of the next generation device.

Although Microsoft has remained very tight-lipped on the entire release of its new console, most are now predicting that the console will be hitting stores for the Christmas shopping period.

Some have predicted that the console could even be out as early as November, and would cost about $500. Blogger Paul Thurrott has also predicted that Microsoft will offer another deal that would allow consumers to get the console for just $300 if the purchaser signs up to an Xbox LIVE Gold membership, which would cost about $10 a month.

The rumored specs for the new Xbox includes a faster processor, improved speech recognition, built-in Skype, Smart Glass, and IllumiRoom.

Microsoft is expected to provide an update of its Xbox Live Service, similar to the one provided in 2005 when the Xbox 360 was announced.

The live updates may mean that Microsoft may introduce code activations for games, which means that the disc for all games may be used for activation only, with the game content being accessible online. The tech giant is also expected to focus on cloud gaming for its new console.

An updated version of Kinect technology which will come with the console may also be introduced tonight.

The latest console is rumored to pack an eight-core CPU from AMD, Blu-Ray drive, UBS connections, and a massive 500 GB hard drive.

Today's event start time will be at 1:00 p.m. ET/ 10:00 a.m. PT.

Click HERE to watch the unveiling of the console live.