People are nicknaming it the '720' even though there is no official name, but that has to be the dumbest nickname ever. The sequel to the 360 is simply going to be the number 360, doubled, and turned into 720, which means you just spun around in two complete random circles? Idk, I'm not trying to nitpick, it's just that people who use that term are a special kind of stupid.
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Rumour has it that MS is going the Apple route and is just going to call it "the new Xbox"