The Xbox 720 vs PS4 release date battle is just gearing up, but following Sony's big PlayStation event last week rumors are flying that Microsoft is preparing a similar announcement of their own for April. Read on for more Xbox 720 vs PS4 release date news, specs and price rumors.

The Xbox 720 vs. PS4 release date battle began on February 20, 2013 when Sony announced their next-generation PlayStation at a special event, but a lack of important information (price, release date or pictures of the actual console's design) have us thinking that this race may turn out to be more of a game of chicken between the two tech titans. Now Microsoft has a chance to fire back at Sony and maybe even pull ahead by showing off their redesigned system.

So with the Xbox 720 vs PS4 release daqte war in full swing rumors are flying that Microsoft may be planning a special Xbox event of their own. Microsoft was caught off guard by the recent PlayStation announcement, a senior Sony official told computerandvideogames.com (CVG).

"We definitely ruffled some feathers," the anonymous source boasted.

With the Xbox 720 vs. PS4 release date battle gearing up and Sony having already drawn first blood Microsoft will be looking to level the playing field as soon as possible.

"It is said that Microsoft will now showcase its console at a one-off media event in April - though it is expected that discussion about future tech would be an inevitability if Microsoft engineers and developers attend GDC in March," writes Rob Crossley for CVG UK.

Either way, the Xbox 720 vs PS4 release date war is far from over and it seems that Microsoft is gearing up for a response to Sony's first shots. Most recently, a user on the NeoGAF forums uncovered a newly registered website domain XboxEvent.com, suggesting that the Virginia-based company is definitely up to something.

The is the Xbox 720 vs PS4 release date battle a race, a game of chicken, or a choreographed dance? Despite the obvious competition between Sony and Microsoft it looks like the two tech titans will launch their redesigned consoles at around the same time this fall.

According to a recent article from MCV, the Xbox 720 and PS4 release dates will likely "align." The latest leak comes from video game published Electronic Arts (EA) which revealed in a meeting with investors that the two redesigned consoles will hit stores at around the same time in fall 2013. http://www.mcvuk.com/news/read/ea-ps4-and-xbox-720-releases-to-align-ps4-10x-power-of-ps3-gamers-love-microtransactions/0111543

"That's a 2013 launch for the New Xbox as good as confirmed, then," notes MCV UK's Online Editor Ben Parfitt

The Xbox 720 vs PS4 specs battle was also discussed by EA. Both redesigned systems will be eight to ten times more powerful under the hood than their predecessors, according to PlayStationLifeStyle.

"We no longer have to constrain our games," EA revealed. "1080p, 60fps... [there will be a] level of gameplay that is unprecedented."

While the Xbox 720 and PS4 release date remain a mystery the clues are piling up. Sony has announced that their redesigned console will hit stores during "Holiday 2013." Meanwhile, Trusted Reviews has Microsoft's launch pegged for November 2013. It shouldn't come as much of a surprise that the PS4 vs. Xbox 720 systems will launch on the same day. Neither company is likely to let the other get much of a head start for fear of losing their market share.

Although the Xbox 720 and PS4 release date may be a long ways off, we're still hopeful that by E3 2013 both Microsoft and Sony will have unveiled their new designs. With the gaming world's attention focused on the expo, E3 would definitely be the perfect place to put both systems on display and let Sony and Microsoft duke it out in front of the world.

Our biggest question when it comes to the PS4 vs. Xbox 720 release date battle is who will show their hand first. When Sony announced the big PlayStation event we had high hopes the Japanese company was prepared to shoot first, but we walked away disappointed and hungry for actual information. Microsoft has a chance to reveal their design first, but will they take it or disappoint gamers as well.

We can't say we're shocked by Sony's decision to keep their console design a secret and continue playing defensively in the PS4 vs. Xbox 720 release date race. Back in January, Sony's CEO Karz Hirai teased that he would not to unveil the new system until Microsoft showed their's first during an interview last month with The Times (via IGN).

"Why go first, when your competitors can look at your specifications and come up with something better?" Hirai said at the time.

If you think about it though, it actually makes sense for Sony and Microsoft would drag out the point of no return in the PS4 vs. Xbox 720 release date race. As Hirai explained, once you've shown your hand you can't take it back. Whichever company holds out longer will have a second chance to redesign their console and beef up their specs, giving them a serious edge in the market.

Sony PS4 Specs:

-8GB of RAM

-1.84 teraflops

-Backwards compatibility uncertain

Microsoft Xbox 720 Specs:

-8 GB of RAM

-1.23 teraflops

-May block used games

-Blu-ray drive

-No backwards compatibility

PS4 vs. Xbox 720 price speculation:

The price for the PS4 and Xbox 720 remains a mystery, and after Sony witheld the information at their announcement last week gamers are beginning to worry that they may be looking at yet another exorbant PlayStation launch price.

However, there's still reason to believe that both the PS4 and Xbox 720 price could be under $400. According to OXCGN, an anonymous console developer recently leaked pricing information on Reddit, revealing that both Sony and Microsoft could make a profit of each sale without raising the price about $400. The alleged insider went as far as suggesting that the system's would range from $300 to $350 in cost.

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Well, that's all the Xbox 720 vs PS4 release date news, specs and price rumors we know for now, but check back soon for the latest updates as Microsoft and Sony continue to duke it out.