Chris Morris (no, not that Chris Morris) from CNN Money is reporting that the Xbox 360 will be unveiled 3 days before E3, which commences May 18th. He suggests that a price and launch date will be announced just before the show.

From money.cnn.com:

Microsoft has the most riding on this year’s show. Three days before it officially begins, the company will finally take the wraps off of its next generation Xbox (which will almost certainly be named Xbox 360). Microsoft hopes the new machine will help it unseat Sony from its long-held industry leader position, which won’t be an easy feat.

Obviously, with the introduction of the new Xbox, we’ll get our first real glimpse of several next generation titles, including “Perfect Dark Zero” from Rare, which has been in the works for several years, and “The Elder Scrolls: Oblivion”. Also, don’t be surprised if Electronic Arts has a next gen version of “The Godfather” on display alongside with versions for current systems.