Xbox Reveal
Microsoft will hold its Xbox event today at 1 p.m. EST.

This is the big day. At 1 p.m. EDT, Microsoft is set to announce the next-generation of its Xbox entertainment console during a presentation on Tuesday at its headquarters in Redmond, Wash. You can watch the live stream on Microsoft's site here, and the event will continue to live stream on Microsoft's Xbox site as well as Xbox Live. We'll also be live blogging the event here.

This would represent an unveiling of the second entry in the current generation of gaming consoles, with the first being the Wii U last fall.

What will the next Xbox likely include? Maybe a DVR function, Microsoft's IllumiRoom image-projection tech and always-on connectivity capability. Gamers will probably applaud the first two features, while greeting an always-on option with disapproval.

Although commonly referred to as the "Xbox 720," it remains unclear what the next Xbox will actually be called. VGLeaks, an information source for the gaming community, claims it acquired documents that indicate "Durango" as the gaming platform's code name. Yet, we think there's a chance that it could be called Xbox 8 since we're beginning to see a pattern of name commonality and synergy between Microsoft's hardware and software. Plus, Microsoft registered the domain. Either way, time will tell.

It's very possible that FIFA 14 could be a part of the event, considering an EA Sports teaser on its official Facebook page. We could also see a Forza announcement, considering that McLaren, the professional Formula One racing outfit, alluded to the prospect of Microsoft revealing "something special." Battlefield 4 could also make an appearance if a cryptic message on the game's official Twitter account offers a clue:

BF4 Twitter
Battlefield 4's Twitter account alluded to the possibility of "big announcements" at today's Xbox event.

The important thing is that the wait is almost over. We're roughly 2 1/2 hours from show time. Keep it here for all Xbox-related coverage.

Are you as excited as we are? What features do you want to see on the next Xbox? Would the inclusion of "always-on" connectivity keep you from buying? Sound off in the comments below, and remember to tune into the Xbox reveal live stream starting at 1 p.m. EDT.