Project 10 = Xbox361 ?
http://www.egmnow.com/articles/news/rumor-microsofts-next-xbox-codenamed-project-ten-coming-next-year/ said:
The current codename for the next Xbox is “Project Ten”
It will be coming in time for next year’s holiday season
The UI will be heavily based around Microsoft’s “Metro” style of user interface (the current interface for Windows Phone 7, and the style both the Xbox 360 and Windows 8 are moving to)
The console’s OS will have Microsoft’s Silverlight technology deeply embedded in it (potentially for uses such as media functionality)
Microsoft will be going the “Apple route” with Project Ten, meaning the console will extensively integrate with Windows 8 and Windows Phone for better cross-platform functionality
Xbox 361, cheaper Xbox360 with more features:
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HDMI pass-thru (IF the PS3 had this then Google TV would be possible)
HD-Homerun => access to a Homerun Digital TV tuner (just software support needed) I've got one and it's a 2 digital tuner (Cable and Air) connected to network.
XTV with full 1080P and overlays (Not possible on Xbox 360)
More is implied here, HDMI pass-through implies always on low power modes, Xbox361 as the only input to your TV with it controlling your picture with overlays, windows with information from the web and more.
So this is similar to what we were speculating a PS3.5 would have.
Xbox361 and Slimmer Slim PS3.5 released this holiday season?