The evidence points in that direction, but it's unclear how much we'll find out on the evening of the 20th. One Sony VP said we could hear something about "a big secret" ahead of this June's E3 game industry trade show, but Sony head Kaz Hirai recently told UK newspaper The Times that Sony may just wait for its competition -- namely Microsoft -- to make the first move. Again, we'll know much more when we attend Sony's 6PM ET event on February 20th in New York City.

Update: The Wall Street Journal has added more rumors to the mix, citing its always helpful "people familiar with the matter" who claim that not only will Sony debut its next gen console at the event, but that it will be released later this year. Additionally, it claims that Sony will integrate more social features into the console this time around (Home 2.0 anyone?), as well as changes in "how users interact with the machine." Finally, it claims both Sony and Microsoft had considered discless consoles this gen, but are keeping physical media in the mix for at least one more go-round. Of course, whatever the truth is, we're just a few weeks away from finding out.