The full PS4 reveal is widely assumed slated for June at E3 and the Xbox 720 was not initially thought to be planned for a reveal before that, but new rumors and speculation suggest we might see both the PS4 and Xbox 720 in the flesh prior to E3 — as early as May. The release date for both is still speculated to be around November 2013, in time for the holiday shopping rush.

Earlier rumors suggested that Microsoft might even show off the Xbox 720, codenamed Durango, at an event in April ahead of the PS4 reveal, but several sources have since confirmed the event has been pushed back a month, to May 21.

In apparent defiance of the company's media embargo, Microsoft watcher Paul Thurrott confirmed the May 21 Xbox 720 date, along with an alleged Xbox 720 price and more.

The Xbox 720 price, according to Thurrott, will be expensive: "you know $500, $300 for the subscription, that kind of thing," he said. Thurrott also confirmed that the Xbox 720 must be connected to the Internet at all times to play all games, not just multiplayer titles.

"It actually says 'must be internet-connected to use' in the notes," said Thurrott.

As for the PS4 launch, the Sixthaxis blog makes a compelling argument as to why Sony needs to make a move prior to E3. Creating additional hype for the PS4 is especially important, given the fact that both the Xbox 720 and PS4 are likely to have a similar release date and will be competing directly against each other from the outset.

We also were recently treated to an interesting bit of trivia about the PS4 spec sheet. Apparently, third-party developers were told the PS4 would have 4GB RAM when they were given their devkits. They found out that the system would actually pack 8GB DDR5 RAM along with the rest of the world — at Sony's February PS4 unveiling.