The next version of Microsoft's exceptional Xbox, the Xbox 720 presumably, is going to be announced and displayed at E3 2012 in Los Angeles. Developer Crytek is on board with this new system and TimeSplitters 4 is now reportedly in development for the Xbox 720 and PS4. Microsoft needs the third party developers on board and Crytek is a fantastic addition. The Xbox 360 gained traction in large part to Grand Theft Auto IV receiving a simultaneous release on Xbox as well as PS2 so this is good news for the future of their console.
Crytek is using DirectX11 as the basis for their next console and next generation games. The specs of the Xbox 720 have apparently been finalized but not yet revealed as the console doesn't even officially exist yet. The system will apparently be announced ahead of Sony's next console so Microsoft can still have the jump on their competitor as that gave them the hardcore gamer edge over Sony in the PS3/Xbox 360 race.
Tessellation effects of DirectX11 are apparently what's making the difference for TimeSplitters 4. The graphics are going to vastly improved on next generation consoles once again apparently even though we didn't exactly expect there could be much difference. But we'll just have to wait and see how far into the uncanny valley that the Xbox 720 and PS4 descend.