The Xbox 360 was released way back in 2005, which means that it has been out in the market for the past 7 years. However the 360's days may be numbered as sources have told Bloomberg that Microsoft may be readying their next console for a late 2013 release. Referred to as the "Xbox 720", the product is rumored to ship for US$299 and will include Kinect and heads-up-display glasses along with an emphasis on cloud gaming.
If the rumors about the release date are correct it would mean interesting times for the gaming landscape. Sony launched an upgraded version of the PlayStation 3 at Tokyo Game Show 2012 and later re-affirmed their commitment to a 10 year life-cycle for their console, placing the release of the "PS4" in 2015. This would give the next Xbox a three year window for an uncontested run, something Sony will obviously not be pleased about.
At present, the purported 2013 release date for the next console also gives Nintendo's WiiU about 11 to 12 months to establish a foothold. Microsoft however has made no comment on the veracity of the new rumors as of yet.