It seems that everywhere you turn lately, someone is talking about the "Xbox 720", "Xbox Loop", "Nextbox", or even -shudder- "Xbox 365".

We're going to peg it as the 'Nextbox' for now because yes, we too, have some next-gen Microsoft console news for you.

 Ubisoft Montreal reportedly already has its hands on 'target boxes' that follow the specifications for a next-gen Xbox console, according to an anonymous source from Edge. The source didn't elaborate on the specifications, but believes the GPU's are AMD-made.  As you might expect, Ubisoft has remained tight-lipped about the buzz.

Earth-shattering quote, right there. Reports also indicate that genuine devkits, loaded with custom hardware, are expected to hit studios before Christmas time. Word around the web is,  EA's already got one in their possession and that a finished Nextbox could make it to retail by late 2012.

If you're wondering about the movers and shakers at Sony, Edge reports that one Sony-owned studio has pulled the plug  on further PlayStation 3 development in favor of a next-gen console. The studio  is also reportedly  in on the dev process for the graphics tech being implemented on said console.

If the reports are true, it sounds as though Sony and Microsoft are (surprise, surprise) once again in the midst of a race to the hardware finish line.  Setting aside the ever-present questions of 'what' and 'when',  I'm curious as to which company will get there first.

Wagers?