With Nintendo's next-generation console slated for launch later this year, the rumor mill is producing all sorts of "leaked" info about upcoming consoles by Microsoft and Sony. Although expectations are high for official unveilings in 2012, neither company will ship its new product in the coming months.

Cedrick Delmas, marketing director of Microsoft France, said it's still too early to tell whether a new Xbox will appear at E3, but there's no chance of one hitting shelves this year. "We're in an industry that talks a lot, that likes telling stories. I am not convinced that things will happen this year," Delmas said.

"The Xbox 360's cycle is not over at all. The proof is that we haven't price cut this year," he continued, adding that if Microsoft wanted to counter Nintendo, it would have to ship a console immediately and that simply isn't possible. Sony offered a similar, albeit vaguer reply when asked about its plans for E3.

"It's true that there are many rumors, but I couldn't tell you anything. The Wii is pressed for time because it's in decline...we're under a lot less pressure. We were the last to release the PS3, and we'll probably be the last to announce something," said PlayStation France CEO Philippe Cardone (translated).

If you subscribe to the grapevine, the Xbox 720 will feature an AMD 6000 series-based GPU with 2GB of VRAM – possibly similar to the Radeon HD 6670 – with support for DirectX 11, 3D and 1080p output. There's also talk of a hexa-core processor. Relatively few rumored details are available for the PS4.

Nintendo's Wii U is expected during the holidays and carries an IBM-based 45nm multi-core processor alongside a custom Radeon HD GPU with support for 1080p-out. The new controller stands as the most notable change, featuring a 6.2-inch 854x480 touchscreen along with standard buttons.