Despite much speculation, Microsoft will not be showing a new console this June.
Game Informer is reporting that Microsoft is still very much in love with the current generation of hardware. According to Ryan James, Group PR Manager for Microsoft Studios,
"While we appreciate all the interest in our long-range plans for the future, we can confirm that there will be no talk of new Xbox hardware at E3 or anytime soon. For us, 2012 is all about Xbox 360—and it’s the best year ever for Xbox 360. The console is coming off its biggest year ever—a year in which Xbox outsold all other consoles worldwide."
With Sony also delaying sticking with it's current hardware this year, it seems likely that the Wii U will have over a year's head start on the competition. Only time will tell how the next generation of consoles will play out. My wallet is afraid, but every other part of me is excited to see what lies in store.