It's a known fact in the gaming industry that new IPs don't get very far nowadays on current generation consoles, which means it wouldn't be too crazy to assume Bungie knows this and wants to wait and release Destiny alongside the next-gen consoles as a launch title.
This time period is by far the best time to ever release new IPs, and with all the rumors of the consoles coming in 2013, it's possible we could see a debut trailer at the VGAs coming up soon. Since Bungie likes to announce their games about a year before release, this seems reasonable.
Share your speculations.
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I'd be shocked if Destiny wasn't on current gen consoles. Bungie has been developing it for quite some time, so unless it getting delayed I'd consider it as a game that will come out towards the end of the 360's life cycle or appear on both the 360 and next-gen Xbox (similar to Twilight Princess for Wii and Gamecube).