It seems as though some rumors have been confirmed. Xbox is taking an the "Always on, always connected" approach, meaning that the system will be on and connected even when not in use. VGleaks revealed the current Durango document setup, which seems to be the 'Hardware Overview Section' of the document. The document states: "Durango will implement different power states so that it can always be powered on, but will draw minimal electricity when not in use." This means that the console will be ready to play instantly at the user's desire. This is a beneficial factor for downloading and installing content, as it will download and install while even when at a low-power state.
Other rumors include that the console will come with an improved Kinect. Also, the Durango consoles will come with Blue-ray drives, but don't get your hopes up as "Disk media will be used for distribution, but during gameplay, games will not use content from the optimal disk. An installation system is being designed that will allow gamers to begin playing the game as it is being installed rather than waiting until game installation is complete." This will suck up game memory and make game disks useless once installed.
Most of these rumors have been noted as true, but we will have to wait till E3 for confirmation from Microsoft.