The official reveal of the Xbox 720 console is only one day away, and although Microsoft has not confirmed anything about their brand new game console, there's actually a lot that we already (think we) know.

Perhaps even more than the PlayStation 4, there have been more Xbox 720 rumors flying over the last six months or so than people know what to do with. From name games to blocking secondhand titles, we've heard it all.

Around 1 p.m. EST on May 21, though, much of these rumors will be put to rest as Microsoft promises to unveil the next generation of video gaming. Here's what to keep an eye out for.

What's in a name?

We've been calling the new system the "Xbox 720" for years now, but Microsoft has never actually confirmed that will be the console's title. Lately we've been hearing that the system could be dubbed "Xbox Fusion" or even simply the "Xbox." You may remember "Xbox Infinity" making the rounds, too, but that whole mock-up was confirmed to be fake by its creator. Either way, one thing's for sure: it won't be called the Xbox 720.

Specs

Although there's been a lot of talk about whether or not the Xbox 720 will be weaker than the PS4, in all likelihood it's not going to matter much. Rumors have pinned the PS4 as a little more powerful, but the Xbox 720 is speculated to feature similar technology: an AMD x86-based processor, 8GB of DDR3 storage.

Additionally, the Xbox 720 is expected to feature Blu-ray support and an enormous hard drive in order to store games, which may very well require an install in order to be played. While digital downloads will continue to become more important to both Sony and Microsoft, the Xbox 720 will still support physical discs.

As for backwards compatibility, if the new system does opt for AMD x86 technology, it might make playing Xbox 360 games very difficult to do. One interesting rumor claimed Microsoft is adding a built-in Xenon chip to make 360 games playable. That seems like a long shot, but if it's true it'd be great news.

Always online and used games

This is where things start to get a little murky. For months, the Xbox 720 was thought to require an Internet connection in order to function at all. It'd be able to survive a few minutes if the connection was dropped, but even single player titles wouldn't work unless the system was online. Recently, however, an internal Microsoft memo revealed that wouldn't be the case.

Still, there remain unanswered questions. Will users be required to "register" their game online before being able to play it? And would that tie a title to a specific console? If so, that could still mean that used games wouldn't work once users try to play them on another Xbox system, but the details of Microsoft's used games and online policy are unknown. Hopefully we won't reach the end of May 21 without more information.

Meet the new controller, a lot like the old controller

According to most reports, the Xbox 720 controller will be familiar to anyone who's used an Xbox 360. It has the same general build and button layout, although you can probably expect a more refined design. Most rumors claim the new controller won't feature a touchpad like the PS4 controller does, but lately even that has come into question.

Kinect 2.0 and IllumiRoom

One thing almost all reports can agree on is that the new Kinect is going to be important, so much so that the Xbox 720 won't even work unless it's connected to the Kinect. The refreshed device is expected to be a lot more accurate and capable, to the point that it'll be able to distinguish between individuals in the same room and even track eye movement in order to pause a game when people look away from the screen.

Then there's IllumiRoom, an augmented reality projector that can "expand" the television screen by projecting effects and images on the surrounding area (walls, tv stand, bookshelf, etc). Essentially, it superimposes effects over physical objects. It's pretty cool, if not very practical, but don't expect it at launch.

More than a gaming system

Dating back to the original Xbox, Microsoft has always pushed its gaming systems' online capabilities, and the Xbox 720 won't be any different. Most rumors suggest that the new system will be able to take over the TV much like Google TV can do, and that the system will stream television shows/channels as well as music.

The Xbox 720 is also expected to run some form of Windows 8, indicating that there may very well be some connectivity between it and other Windows 8-powered devices. Past rumors claimed Microsoft was working on an Xbox-branded tablet, but even if that's not the case anymore, the new line-up of Surface tablets will probably be able to interact with the new gaming system in some shape or form.

Price, Release Date

Most expect Microsoft to launch the new system by the holidays in order to compete with the PS4. That means a launch in October or November would be most likely. As for the price, you may actually have a couple of different options. Some think that a standard package will cost around $500, while cheaper model will also be available for about $299 if you agree to a two-year subscription to Xbox Live.

As much as we want to believe it, Microsoft probably won't reveal the price and official release date on May 21. Still, there are bound to be some surprises at the official event tomorrow. Check back with us then for a full report.