Apparently it's only speculation, but it's a 56 page bit of speculation that was removed by Microsoft legal...which means it might not be speculation.The document described a box of multiple CPUs and GPUs, allowing for backwards compatibility with the Xbox 360 through an included PowerPC CPU, an estimated 4-6x increase in graphics performance, and background processing enabling TV recording while playing games.
The plan aims for "True 1080p and Full 3D", implying an ability to run 60 fps games at 1080p resolution. The Kinect 2 hardware is included, allowing for four player concurrent tracking with improved voice recognition, dedicated hardware processing, and a "better, wider, deeper" play space allowing use in smaller areas.
The Xbox 720 is designed to be always on in a low-power state to allow for multimedia operation, to be "the only box you need for premium living room entertainment." Blu-Ray is included, along with USB 3.0, HDMI, 802.11n, Gigabit Ethernet, PCI-E, DisplayPort and SATA connectivity. Storage includes the Blu-ray drive, a hard disk drive, and flash storage as well. Video RAM is pegged at 4 GB of 128 bit DDR4 RAM.
So they're making a glorified PVR/Blu-Ray combo and it'll have only average to slightly-above-average gaming performance when it's released (compared to what you can already get with current PCs or what'll be available when this thing comes out) and yet we'll be stuck with it with no new hardware upgrades for a decade.
And of course Microsoft will follow its life-long convention of stupid naming of its products. lol..the "X-Box 720" instead of "X-Box 360 2". Absolute geniuses at work right there.
Fuck Microsoft and fuck consoles.