With over 70 million consoles sold since it was unveiled in May, 2005, the Xbox 360 is one of the most popular game consoles ever created. Many of the fans of the Microsoft gaming device are diehards which is why anticipation of the successor, the Xbox 720, has been building up for years. Rumors, both good and bad, have been circulating for some time, but as the anticipated launch is right around the corner, some of them are starting to become more clear. Here’s a roundup of the five persistent rumors that seem to hold the most credibility. 1. Xbox Live Microsoft’s online multiplayer and digital distribution…

With the recent successful launches of Microsoft’s Kinect and Sony’s Playstation Move, it is now more likely that this generation of consoles will last longer than in the past. While previously, a 5 or 6 year cycle has been the norm, it’s conceivable that this generation might go longer – maybe 7 or 8 years – because of this new tech that appeals to a broader demographic, prolonging the sales potential of each console. Still, that hasn’t stopped speculation about what the next generation of consoles might look like. At hardcore gaming communities like NeoGAF, speculation rages about the kind of…