Develop is reporting that Microsoft's successor to the Xbox 360, is set for a 2013 release, as suggested by a number of different sources — from "chip manufacturers to middleware firms". In addition, Lionhead is apparently working on a project titled 'Fable Next'.
According to the report, sources expect the console to be unveiled at E3 2013 and released in the holiday period that same year.
It's not completely outside the realm of possibility that Microsoft is looking to release a new console over the next couple of years, and 2013 is as good a year as any. It would be naive to believe that both Microsoft and Sony aren't currently working on new tech for release in the next two or three years, and if that's the case, then surely a handful of studios are currently hard at work creating launch titles.
Personally, I think 2013 is a good year. I've loved the extended period of this generation of consoles, and it's arguably been the best generation for games ever, but console tech is starting to show its age, and I'm about ready for something new.