It seems that Microsoft is planning to launch not only one, but two new Xbox consoles over the next couple of years. Unconfirmed reports are expecting Microsoft to launch two Xbox consoles within a short period of each other, one will be ARM based, the other for hardcore gamers.
These reports match recent rumours, in which we thought Microsoft were planning to launch a TV-box like Xbox, and then a whole new Xbox for hardcore gamers.
Over the last few months, we had also been tossed a few codenames, one being Xbox Loop, the other being Xbox Next. Details were hazy at what codename the console would be using, it turns out they are both being used. Xbox Loop will be the ARM based console that will arrive sometime in late 2013, this console will be aimed at targeting the Apple TV, and will be priced considerably low.
Some point after that, Microsoft will launch the Xbox Next, which will be the "true successor" to the Xbox 360. It will have a DVD drive, hard drive, everything that the current Xbox has, as well as what the Xbox Loop will have. It will be the next Xbox that everyone is waiting for.
Details about Kinect also appeared, stating that the Kinect will receive a camera upgrade in 2015, as well as a better processor and inter-connect.
So, to clarify, the Xbox Loop is not the Xbox Next, they are two completely different consoles, aimed at two different audiences. The Xbox Loop will be released first, and will aim at the casual gaming audience, where the Xbox Next will release sometime after that, and aim at the general and hardcore gamers.
All this info comes from MSnerd, who is an anonymous Microsoft info leaker. This means that the report is not from Microsoft and therefore could be false, believe what you wish to believe.