Appears that MS may be releasing a new version of the Xbox 360 codenamed Zephyr. It has a 120gig HD, HDMI interface and a it's black. MS hasn't confirmed it yet but alot of retailers has the SKU for it. The retail date is May 1st 2007 for $479.00.
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This rumor has been floating around for a while but with the SKU that some stores have it may be true. Just wish MS would of released this version a year ago.