An 'insider source' called 'MS Nerd', widely trusted or at least quoted, has broken news that a Lite Xbox will being making a show of itself this year ahead of the launch of the "Xbox 720" in 2013.
"My understanding is that we’ll see a Xbox device in late 2013 which does Arcade-style games & all the current & future media apps with Kinect (with near-mode),” MS Nerd told Reddit readers
He or, of course, she or it added, “It will be an ARM-based platform price-competitive with the Apple TV (if you own a Kinect already).”
He then lays out the groundwork for the 'Xbox Next' with, At some point after that, we’ll see a Xbox Next, a true successor to the 360.
"Details about it are very hazy, except that, like the 360, it will do games for core-audiences & the same media apps as the other device, also with Kinect.”
BGR also reports him saying that, "the Kinect controller will likely receive a camera upgrade after the Xbox 360′s successor launches, and a new Kinect may debut around 2015."