Rumors are flying around that Microsoft is not where they want to be at this point in the pre-launch development of their new console code named "Durango" and may confirm that Microsoft is as much as six months behind in producing its content for the new console also dubbed the "Xbox 720."
Most people including myself expect a Christmas battle between Sony and Microsoft, though from these reports and other rumors that Microsoft recently cancelled several internal next-gen projects because they were not coming together as hoped, it may be the case that Sony grabs the Christmas market leaving Microsoft trailing into a 2014 release. Only time will tell but from these reports it may seem Microsoft is some way off of a new console and if they do hope to have it completed by Christmas they are going to have to churn out some huge production and PR very quickly in order to bounce the attention away from the Sony camp.
As soon as we have any news from the Microsoft camp we will let you know though their press event on the 21st of May will hopefully reveal all!
More info about this exclusive can be found here. 
