Personally, I hate the name "PS4", and I hope Sony doesn't use it. I don't think Microsoft will use Xbox 720, so that doesn't really matter. So, what do you hope they name them?
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I heard the 3rd generation Xbox was just going to be called "Xbox" from Machinima's Adam Kovic. While they were probably just guessing, Just Xbox sounds right. I wouldn't mind it being called by its codename too. Durango.