Rumors surrounding a new Xbox console started circulating in early November. As time went on, additional details about what it would (or would not ) be trickled out. We at IGN have had quite enough of this tomfoolery.

Is+Microsoft+already+looking+to+replace+its+top+performing+console?

We'll+hear+about+or+see+Xbox+Loop+at+CES

Oops,+it's+actually+an+Xbox+360+hardware+update

With+all+their+work+keep+PC+gaming+and+the+Xbox+360+separate,+would+Microsoft+really+run+their+next+console+on+Windows?

It'll+run+on+Windows

The IGN Xbox team (Xbox Executive Editor Steven Hopper, Writer Peter Eykemans, Associate Editor Mitch Dyer, and Tech Executive Editor Scott Lowe) assembled to dissect and analyze the biggest speculations about this so-called Xbox Loop console, aka Xbox 720. When the dust settled, we'd called BS or backed up our thoughts on why some of it may or may not sound like truth after all.Don't forget to lay down your arguments in the comments section.I've said it before and I'll say it again – we won't see the next Xbox at CES 2012 . It's simply not the right time, not the right venue, and not the right audience. CES is a tech show and a crowded one at that. Even if Microsoft's next system was ready – and I sincerely doubt it is – they'd be competing with the world's largest technology companies for attention. Of course, something like the next Xbox is a huge announcement, but why share the spotlight?If anything, we'll learn more about Microsoft's plans to unify Windows Phone, Windows OS and the Xbox platform, which may reveal some new features of the console – true cross-platform play, cloud syncing, etc.As an event more concerned with the tech industry as a whole, CES doesn't seem like an appropriate venue to debut a gaming console. Microsoft has been known to do their own thing when it comes to console announcements, but even an event like E3, where all eyes are on the gaming industry, would make a lot more sense. In the unlikely event that it is announced at CES, Microsoft probably won't do an actual unveiling of the system, but rather will simply announce that they are "for really reals" working on something; the true reveal will happen at E3 or even during a special Microsoft event beforehand.The original Xbox was officially announced at the Game Developers Conference, the Xbox 360 during an MTV special, the next Xbox at…CES? I highly doubt it. While it would overshadow every other product announced at the show and make some waves, it seems like odd timing -- especially on the shoulders of the new Xbox 360 entertainment initiatives like HBO Go and streaming TV that won't arrive until after December 6th.No. Scott nailed it with "why share the spotlight?" When Microsoft announced the Xbox 360, it had a dedicated MTV television special and the cover of Time magazine. No way will we see a dialed-back announcement for the first look at the next Xbox. If we hear anything at all about it at CES -- which I suspect we will not -- it'll be tech specs.While an aesthetic overhaul is possible, making changes to the internals is difficult. While they can add ports for new accessories like they did with the Kinect or adjust smaller elements of the chipset configuration, any substantial updates could potentially fragment the platform. Anything Microsoft does with new versions of the current hardware must be nonessential to the consumer experience or be available as an optional add-on or upgrade.Microsoft just did a hugely successful redesign for the Xbox 360 only a couple of years ago, and the Xbox 360 S has been selling like hotcakes since it released. For them to release yet another version of the Xbox 360 next year would splinter the fan-base and cause consumer confusion.Microsoft lost a lot of money on Xbox and Xbox 360 hardware out of the gate, so to think that they'd once again invest in redoing its design just to ship a few extra units at the end of this generation is highly unlikely. The Xbox 360 Slim has only existed for around 18 months and in performance and style (it matches Kinect), so another redesign in unnecessary. The system is selling well, so the only changes I'd anticipate seeing are new combinations of bundles that include Kinect and a variety of games.The Xbox 360 is about to get a revamped interface with new features, Kinect is only a year old, and the 393,000 consoles sold in October represents a 20% increase over October 2010 sales. At the same time, Xbox 360's combined software banked almost half a billion dollars -- in a month. The Xbox 360 isn't slowing down, it's accelerating. There's no chance Microsoft is going to execute or abandon that for a brand new device. The original Xbox fell to the wayside for the potential of a successful successor. Why would a still-strong product take the backseat to an Xbox 3? Anything we see new in 2012 has to be an upgraded Xbox 360 that won't divide Microsoft's market -- if it bothers at all.Perhaps, but not in the traditional sense. Weighing down the next console's hardware with unnecessary desktop OS bloat is unnecessary, but they'd be wise to leverage a stripped down version of the software to maintain compatibility between PCs.: The original Xbox ran on a retuned version of Windows XP and even the Dreamcast used a special version of Windows CE. However, when Microsoft developed its proprietary Dashboard system, it successfully tied together ease of navigation with gaming and entertainment.Additionally, the Dashboard is adaptable, with huge changes hitting once a year or so, integrating more features while getting even more intuitive from an interface perspective. For Microsoft to completely change that system for the next iteration of the Xbox and turn it into Windows, they'd have to turn their back on all they've accomplished with the Dashboard, and that's just not in the cards.Microsoft has officially announced that Windows 8 will include Xbox Live functionality (Xbox Live for Windows). This doesn't mean that the entire system will run using Microsoft's latest version of the OS. For the new Xbox to stake more ground in the world of gaming, Microsoft needs to continue its trend of separating its gaming system from PCs.More likely, we're looking at visual unification, not a universal usage of an OS. The next Dashboard update gives us a look that approximates Windows 8, the same look Windows Phone 7 users are accustomed to. A whole new operating system seems unnecessary given the Xbox 360 can run proprietary versions of applications (Netflix, Last.fm, Zune etc.).