499$ machine.

Comes with Kinect.

Can play games offline, but loses a lot of other features if so. (So basically, the best experience with it is Always-Online).

Xbox Live to cost the exact same price, and you keep your current Xbox Live account, so basically nothing changes there.

I’m guessing the thing to be black for some reason.

Some sort of Sharing gimmick to compete with Sony’s Share button.

An enormous hard drive space, maybe a 1TeraByte (1000 Gb).

Really focused on digital content.

Windows 8′ish operating system.

Apps. For some reason I’m guessing there will be some kind of app market.

Smaller than a Xbox360, bigger than the PS4. (Even though we don’t even know what the PS4 looks like (Hey, it’s a guessing game)).

Addons to the consoles. (IllumiRoom to be one of them).

So yea.. Here’s my guess. I might have some of it wrong, but hey, I’m just guessing things here and there for fun.