Microsoft is expected to unveil the Successor to the Xbox 360 sometime in April. They are also expected to release the console in the same month. The Official name of the Xbox is unknown as of right now, but it definitely won't be called the Xbox 720. Rumored names are Xbox 362, Xbox Loop and just Xbox. Anyways, whatever the next Xbox is called, it'll definitely be a power house.
Rumor has it that the Xbox 720 won't be much different than the Wii U, Nintendo's 8th generation offering. Sony's upcoming PS4 will be the most powerful console of the 8th generation, but most of it's power goes to the OS which features Facebook and Ustream integration. With the Xbox 720, Microsoft will take Nintendo's route of gameplay, but be slightly more powerful.
Nintendo's Wii U has 2GB of Ram and a Tri-Core Processor. Microsoft's Xbox 720 is rumored to have 8GB of RAM and an 8-core Processor. This is much powerful than the Wii U, so how will they be similar? If you compare 7th and 8th generation games, there is only a slight difference. Nintendo's new console is maybe 3 times more powerful than the PS3 while the Xbox 720 will be 16 times more powerful. Even though the Xbox 720 is much more powerful, the Graphics and gameplay will essentially be the same. Of course, the Xbox 720 will have some improved factors which won't be very noticable at first.
It's said that the Xbox 720 will feature a controller with a touchscreen in the middle, similar to the Wii U Gamepad. Of course, the Xbox Gamepad will feature a 1080p display and multi-touch which isn't offered with the Wii U. It's possible that the Xbox 720 Gamepad will also be smaller than the Wii U to add more comfort to the hands. Also, Microsoft will most likely embed a lot of factors and servies into the OS which most of the RAM will take up. The Wii U has 1GB of RAM reserved for the OS which doesn't feature too much content. The Xbox 720 will be much more powerful than the Wii U, but in the end, they will both be extremely similar in terms of Graphical capabilities, Gameplay and Online play.