"Microsoft executive J Allard will use his keynote address at the Game Developers Conference later today to unveil a number of key features of Xbox 2," says Tom Bramwell at Eurogamer.
The piece is based on "highly detailed information released by Xbox's Dutch PR firm Citigate today" -- and you can read that at Eurogamer.
Update: See the Seattle Post-Intelligencer for details. BBC News also has a report with a pic of J Allard.