It's E3 time...
Microsoft:
Last night announced the 360 "Slimline" which goes on sale in North America, THIS week, and the UK on July 16th. What's different? well it's smaller, has a 250GB HDD, as well as built in wifi to 802.11n level. Price? Exactly the same as the current TOP 360.
They also announced "Kinect" their motion controller, it will be released during November worldwide. However they still have not announced a price for it, and reports are, it's a tad sluggish. From a development point of view, it's poor, you look 1/3 of the processor to it, and it REQUIRES 176MB of RAM for all games

Sony:
Their presser is tonight at 6PM BST, there are a number of SUPER secret announcements, one of which is their subscription based PSN service, which is EXTRA to what you currently get, and will cost around £47 a year, but will have lots of coolness in it. More than that I cannot say as of yet.
Nintendo:
Their's is also today, around 3pm BST. They will be unveiling the 3DS, which is a 3D capable DS... :-)
Oh Sony MAY have a new bit of hardware to announce ;-)
You can get both of these on a live video stream from
www.gametrailers.com