A slur of rumours hit the web the last couple of weeks, that Crytek had been fiddling around with next-gen microsoft hardware. Leading to speculation that the Xbox 720 (Allegedly) wasn't too far from being announced. Apparantly this is not the case. Crytek recently sent a statement to IGN denying this very subject.
"Relating to the recent rumours, Crytek do not have any next generation hardware from Microsoft, nor do we know when Microsoft may announce future hardware or what that hardware will entail.
It seems the wait for next-gen hardware is still some way off, With speculation that Microsoft and Sony are targeting 2014 to release there all new consoles to the world.