These images are rumored to be cuts from a well know gaming magazine showing off what appears to be Microsoft's long-denied upgrade to the 360. Sporting a 120 gb HDD, HDMI output, and a cooler running processor, this is apparently the box we've all be eagerly anticipating. A "source" inside Microsoft states that HD-DVD is not part of the equation as the format is still "unproven" (If you've been paying attantion you'll have noticed that the last couple months have been great for BluRay, and very bad for HD-DVD).
Of course, this will probably all be denied tomorrow as yet another random Microsot R&D project.
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