We know that the Xbox Next is coming. We think Microsoft had originally planned to show it off in April, but has apparently decided to wait till May; May 21st to be exact, if the latest rumors end up panning out. Word is that Microsoft is planning an event on May 21st to officially reveal the Xbox Next, but expect it to only provide a glimpse of what is coming before the full story is told at its E3 press conference.

When it does finally arrive, don’t expect it to be cheap. In fact, it is now expected that the console will arrive with about a $500 price tag to own it outright, or around $300 if you opt for the subscription-based subsidized model. Rumors suggest that at least out of the gate Microsoft is only planning to offer one model configuration to start with.

As for the rumors, it seems that just about everyone is jumping on the May 21st date. A number of sites as well as Microsoft blogger Paul Thurrot are now confirming the date. We suspect as close as we are to the May 21st date, it will likely prove to be accurate and we do agree that it will ship in time for the holiday season this year.