The much rumoured XBox 2, is not named XBox 2 but XBox 360. It is officially revealed on MTV yesterday in North America, and it wil be revealed today in Asia, Europe and Austrialia.

Here are the specifications:

Custom IBM PowerPC-based CPU
» 3 symmetrical cores running at 3.2 GHz each
» 2 hardware threads per core; 6 hardware threads total
» 1 VMX-128 vector unit per core; 3 total
» 128 VMX-128 registers per hardware thread
» 3 symmetrical cores running at 3.2 GHz each
» 1 MB L2 cache

CPU Game Math Performance
» 9 billion dot product operations per second

Custom ATI Graphics Processor
» 500 MHz
» 10 MB embedded DRAM
» 48-way parallel floating-point dynamically-scheduled shader pipelines
» Unified shader architecture

Polygon Performance
» 500 million triangles per second

Pixel Fill Rate
» 16 gigasamples per second fillrate using 4X MSAA

Shader Performance
» 48 billion shader operations per second

» 512 MB GDDR3 RAM
» 700 MHz DDR
» Unified memory architecture

Memory Bandwidth
» 22.4 GB/s memory interface bus bandwidth
» 256 GB/s memory bandwidth to EDRAM
» 21.6 GB/s front-side bus

Overall System Floating-Point Performance

» Detachable and upgradeable 20 GB hard drive
» 12X dual-layer DVD-ROM
» Memory unit support starting at 64 MB

» Support for up to 4 wireless game controllers
» 3 USB 2.0 ports
» 2 memory unit slots

» Instant, out-of-the-box access to Xbox Live features, including Xbox Live Marketplace for downloadable content, Gamer Profile for digital identity and voice chat to talk to friends while playing games, watching movies or listening to music
» Built in Ethernet Port
» Wi-Fi Ready: 802.11 A, B and G
» Video Camera Ready

Digital Media Support
» Support for DVD-Video, DVD-ROM, DVD-R/RW, DVD+R/RW, CD-DA, CD-ROM, CD-R, CD-RW, WMA CD, MP3 CD, JPEG Photo CD
» Stream media from portable music devices, digital cameras, Windows XP PCs
» Rip music to Xbox 360 hard drive
» Custom playlists in every game
» Windows Media Center Extender built in
» Interactive, full screen 3D visualizers

HD Game Support
» All games supported at 16:9, 720p and 1080i, anti-aliasing
» Standard definition and high definition video output supported

System Orientation
» Stands vertically or horizontally

Customizable Face Plates
» Interchangeable to personalize the console

XBox Live
» There will be two versions of Xbox Live. Silver is free (everyone gets it), and Gold is a paid subscription, like the current XBL. It looks like Xbox Live will be free on the weekends for everyone; Gold members will get it all the time, obviously. Current Xbox Live accounts will carry over to the 360 and become Gold Xbox Live accounts. Both Gold and Silver members will be able to download demos, trailers, and other content through XBL.

Extracted from Neowin Forums, XBOX 360 Specs fully leaked! and Game Spy: XBox, Xbox 360: The Specs (X360).

XBox 360 Official Site.