It's called the XBOX ONE and it looks more like a dvr than a gaming console. The controller has once again received a slight makeover making it somewhat of a cross between the xbox original and 360's controller. It has an hdmi in port along with the expected out port. HDD's are an in house design (obviously to prevent upgrading despite the official excuse of ventilation.) The Power cable port looks like an in house design as opposed to using the universal ones you can pick up for cheap anywhere ($$$).
The rumour that it would require an always on internet connection has been confirmed, false.
The XBOX ONE will use the hdmi in port to interact with whatever device is plugged into it. At the reveal conference the XBOX ONE was shown paired with a cable providers receiver. Using voice commands it was shown how quickly the new XBOX could switch between games and 'live' tv, and even change channels.
It looks like Microsoft is branching out even further from Gaming to full on entertainment. One thing that wasn't shown much of at the revealing was gameplay. That is expected to come at E3.
Anyways, here it is, the images are from wired.
The console itself (front view)
Overhead angle (the grilled pattern on the right reminds me of the xbox original casing)
Side (extra usb 3.0 jack)
The whole system.
No word on pricing yet, or if they actually plan on using the kinect this time around. If you don't have the option of opting out of the kinect attachment, they need to implement it into more games.