The Xbox 2 looks likely to be formally announced in September, with Sony's PlayStation 3 announcement this morning helping to heap pressure on Microsoft to finally take the wraps off the successor to its Xbox console. To date, Microsoft has consistently refused to comment on any talk of Xbox 2, despite issuing numerous game developers with development kits, but with both Nintendo and Sony having made up their minds to use E3 2005 as an initial launch platform, Microsoft will be mindful that it needs an event of its own which can generate as much attention without getting lost in the next gen crowd.
The most logical assumption to make, is that Microsoft will use X04, its annual industry event for Europe, as the means to reveal its intentions in the next generation console market, although at the time of going to press, Microsoft has not yet confirmed that the event will be taking place this year. A mid September date is expected, however. Microsoft's Peter Moore repeatedly stated back in May that Microsoft would "not be beaten to market", and therefore the firm needs to begin beating the drum to the industry shortly - and X04 would appear to be the ideal platform for the firm to begin the process of launching Xbox 2 to the wider world.
News source: Euro Gamer