Xbox 720
We figure people are saving up for the new Xbox and all the games it will offer.

Microsoft will be holding an event on Tuesday during which the company is expected to reveal the next iteration of the Xbox gaming console, which is rumored to be dubbed the Xbox 720. To this point, the gaming world has been abuzz with rumors and gossip surrounding the system.

While the wait for answers to your Xbox 720-related questions and concerns is almost over, its worth noting what the most prominent rumors and gossip have been to this point. Toward that end, here are the top-five rumors making the rounds.

1. Always-On

There have been reports suggesting that always-on connectivity will be and won't be included with the Xbox 720. One thing we know for certain is that the gaming community is largely opposed to the idea of an always-on requirement. The argument that the industry makes for always-on is as a protective measure against piracy. However, a recent study indicates that game piracy is not nearly as big of an issue as the industry has made it out to be.

Moreover, we have empirical evidence which suggests that always-on would be a terrible idea, as evidenced by the disastrous launches of "Diablo 3" and "SimCity," both of which are always-on games.

2. Name

For some time now, the next Xbox has been referred to as the Xbox 720. Then there was the Xbox Infinity hoax, along with the purported leaked documents, which refer to the next-gen Xbox as Durango.

For our money, we're going to go with Xbox 8. Between Windows 8, Windows Phone 8 and the Xbox 360, it's apparent that Microsoft wants to be able to synergize its products so that it can work in tandem. Name commonality could also be a factor from a marketing standpoint. After all, Microsoft has registered

Xbox Domain
Microsoft registered the domain.

3. Illumiroom

This year at CES, Microsoft unveiled Illumiroom, which employs Kinect and a projector to expand the viewing area around a TV. This feature looks incredibly cool, allowing gunshots, fire and more to expand past the TV's physical display and bleed into the surrounding area, expanding the immersive possibilities for gaming and movies. Check out an official demo of Illumiroom, courtesy of YouTube below.

4. Kinect 2

VGLeaks claims that it obtained information regarding the next version of Kinect, which would feature a 1080p camera, increased field of view, lower processing latency and USB 3.0. It would certainly behoove Microsoft to refresh Kinect, considering its incredible popularity.

5. DVR

Microsoft patented DVR as a console feature way back in 2007, which suggests that recording broadcasts could be a feature offered with a future product. Melding a game console with a DVR component makes sense to us, especially considering that Microsoft is clearly making moves to be a bigger part of the overall living-room experience. This theory is further supported by Redmond's development of such technologies as the aforementioned Illumiroom.

What do you think of these rumors? Do you think that there are other rumors that should have made this list? What features do you want to see in the Xbox 720? Sound off in the comments below.