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no there wont.
this rumour has been around about 3 years and microsoft have said themselves there wont be a new console yet.
what microsoft said and dont quote me cus its been a while is that their waiting to see how technology progresses so their 3rd xbox can be the best at the time.
360 + 360 = 720 <--- just a fanboys dream.
NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Really? Ha ha thanx! I wanna buy an Xbox 360 but I don't wanna buy one if it gets outdated when I buy it.
If there's any credence to this blog, Xbox 720 should be out by 2012: http://funadvice.com/r/153hgv3chi0