XBOX 720 Real or Rumor?

If you listen to all the hype, Microsoft will be releasing the xbox 720 between 2011-2012.
Now, there are people saying that Intel is really pushing to get it’s Larrabee GPU into the “Box” tryingto oust AMD as the “Brains” of the 720.
Most often where there’s smoke there’s fire so I think there is something cooking in the microsoft labs although it may not be called the xbox720 and it may not be released in 2011-12 but stay tuned to XboxHub for any breaking news (or rumors) about the xbox 720