Majornelson has revealed that Microsoft will be revealing the next generation Xbox on May 21st. The blog post states:

On Tuesday May 21st, we’ll mark the beginning of a new generation of games, TV and entertainment. On that day, we’ll be holding a special press event on the Xbox campus and we invite you to join us via the live global stream that will be available on Xbox LIVE and If you are in the US or Canada, you can also watch the broadcast on Spike TV.
On that day, we’ll share our vision for Xbox, and give you a real taste of the future. Then, 19-days later at the E3 in Los Angeles, we’ll continue the conversation and showcase our full lineup of blockbuster games.

It is interesting to note that the recently leaked Call of Duty: Ghosts is apparently only on Playstation 3 and Xbox 360, with no mention of next generation consoles like the Playstation 4. However back in May of last year, Infinity Ward said that they were hiring for an "unannounced title for next generation consoles. It's also intresting that the Next gen hub on mentions multiple Call of Duty games throughout its "Xbox timeline" section.

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