The web has run rampant with rumors for the Xbox 720 and Playstation 4 and the latest slew relate new codenames, chip information, and potential release dates.
According to a report from SemiAccurate, the next Xbox is being developed under the codename "Kryptos" and will run on an AMD chip called the Oban. The report also indicates that the console may not launch in 2013 due to manufacturing troubles with the chip. According to IGN
The Playstation has often been referred to as the "Omni" and "Orbis" but the report seems to indicate that it now goes by the name of "Thebes." This console will also feature an ADM chip which will be produced at IBM or Global Foundries. The report also indicates that the console could find itself releasing in Spring or Fall 2014 if the PS4's chip goes into production after the Oban. If the rumors about the Oban chip being delayed are true then the PS4 could be delayed further even.
Rumors regarding the two have circulated for months with a number of pundits talking about the possibilities of augmented reality glasses, contact lenses, and even head mounts arriving for the consoles. As of now there has been no confirmation from Microsoft or Sony regarding the launch window of their upcoming console though a number of reports indicate that a 2013 Holiday seaon launch is likely. The Xbox is also rumored to come in two different versions; one aimed at more casual gamers and one for the hardcore fans.