Microsoft Game Studios boss Phil Spencer reckons you don't want another Xbox machine at the moment, but is focusing instead on offering a "huge return" on your original Xbox 360 investment.
"What Don [Mattrick] was saying was that when Natal comes out it will feel like a new generation has come. I see it as like the launch of the Xbox 360 back in 2005 - there will be a launch portfolio of games to support it," Spencer told Develop.
"And in terms of putting more hardware on the market, what else can we do? Put more memory in it? I don't think that's enough. We like where we are at with the box - 360 currently has a great price point. Consumers don't want another $400 box right now.
"We instead want consumers and developers to know that we are all going to make a huge return on that original investment in the hardware - the one Microsoft made in building it, the one developers made in making games for it, and the investment consumers made in buying the console," he added. "In the current climate that's something people are going to appreciate much more."
Software, said Spencer, is Microsoft's "heart and soul", as the company demonstrated by effectively re-launching Xbox Live with the New Xbox Experience.
"It's not about trying to sell consumers a new piece of hardware at the wrong time, it's about evolving the platform continuously," he explained.
Spencer reinforced Microsoft's commitment to the long-term life of Xbox 360 by suggesting that the console hadn't yet peaked in this, its fourth year on sale.
"When before has there been a console that hasn't peaked and is in its fourth year still growing and offering so much potential?" he asked.