Is Xbox 360 the official name?
Yes it is, According to the offical pictures of the system and MTV. The next XBOX is called XBOX360

When is the system launching?
All signs point towards a November 2005 launch window. This is a prime month for Microsoft to position Xbox 360 as the must-have holiday item.

How much will Xbox 360 cost?
The sweet spot for the cost of a new console at launch is $299. This is a good estimate of what a core package will cost for Xbox 360. There is a possibility of a second bundle that includes a hard drive and some pre-loaded game content. It is likely that this would bump the price up to $399 smackers for the HDD system. The bundle has become an incredibly popular sales technique, so don't be surprised to see more comprehensive bundles that include controllers and peripherals for around $500.

What does Xbox 360 look like?
All images below are now confirmed!

Note that the system seems to be designed so that it can stand on its side (the right side) like the PS2 can. As the system will stand on the opposite side than that of the PS2, discs would actually load from the right-hand side while standing, rather than the left like the PS2. It seems like loading Xbox 360 would be more natural for right-handed gamers, but that reasoning could be entirely unrelated to the design.

What are the quick and dirty system specs?

3 PowerPC processors @ 3.7GHz each!

ATI graphics chip

512MB+ RAM

DVD drive

Optional HDD 20Gig

The XBOX2 PAD (Wireless)

The DVD Remote

Startup Screen?!

Console (Sideways) Camera, Controler and Headset.

Customiseable Start Buttons?

For more info visit IGN