I believe we have reported on this rumoured console in the past year or so, this time however they are releasing some actual information and a video so we can learn more about 'Phantom' (spotted at Neowin):

Phantom™ is the next-generation game console that supports PC games, games on-demand, game rentals, game demos and seamless upgrades. It is the fastest game console on the market and includes a broad selection of pre-loaded games.

Ya know I don't even see this as a console really. If you think about it its just a highly tweaked x86 PC with a pretty case and some cool features. Oh.. and likely the inability to do all the other cool stuff a PC can do