What many suspected was coming has indeed happened: Microsoft just confirmed an upcoming Xbox event on May 21st, which we expect to be focused on the company's next-gen Xbox console (informally codenamed Durango). The company isn't diving into specifics at this stage, but the event is taking place on its own Xbox campus and should offer a "real taste of the future," according to Xbox Live programming director Larry Hryb. Don't worry too much that Microsoft will completely upstage E3, which happens just a few weeks later -- Hryb also promises that his firm "continue the conversation" at the show, focusing its attention on its game lineup. Players will have a chance to stream the event through both Microsoft's services (including Xbox Live) and Spike TV, but you can be sure we'll be on the ground to share the news first-hand.

Ben Gilbert contributed to this report.