Tuesday (May 21), Microsoft will be formally revealing their follow-up console to the Xbox 360. Microsoft has said the announcement will come at 10 AM Pacific Time, in Redmond, Washington, (1PM Eastern Time, 6PM in the UK) on May

Whatever it’s called, it won’t be this, or look like this

21st, to be followed by another announcement of launch titles in early June.

The new Xbox has been referred to as the Xbox 720 almost from the moment of the 360’s arrival, but Microsoft has not officially tipped what the name of the new console will be (despite internet speculation). It is also expected that Microsoft will announce a new, third-generation Xbox 360 at the same event.

The original Xbox 360 was released in November 2005, and an updated, slimmed-down Xbox 360 was released in June 2010. Altogether, Microsoft has sold more than 70 million Xbox 360 consoles.

Despite being plagued by reliability problems and a higher-than-anticipated failure rate in its early life, the Xbox 360 was a tremendous success for Microsoft and solidified the operating system developer as a force to be reckoned with in console gaming. The 360 continues to have some life expectancy as new titles will continue to be released for the console for the foreseeable future.

mxdwn Games will have full coverage of the Microsoft announcement tomorrow.

Thanks to segmentnext for the fauxed-up Xbox 720 logo.