According to the rumour section in the latest issue of Xbox World we read that Microsoft have tasked several of their best studios and partners with developing projects for Xbox 720. This is includes Turn 10 who are said to be working on Forza Motorsport 5 and Epic who apparently are working on Gears of War 4.
According to the same source the first games for the new consoles are being prepared for 2012. On top of this Rare are apparently going back to their roots as they are working on something that will appeal to core gamers again.
Xbox World have been known in the past to print rumours that may not be one hundred per cent truthful, but it is what it is at this point - a rumour.