A few days ago, the rumor mill claimed to know that the new Xbox will come with Blu-ray & Kinect 2 and today we hear that Microsoft is also working on an Xbox TV device for streaming TV. It will take on the Apple TV and also offer casual gaming.
Xbox TV coming in 2013
Microsoft plan to launch a thoroughbred Xbox console with powerful hardware for real gaming, but they also plan a cheaper, less capable box that will provide access to streaming services such as Netflix. It will be called Xbox TV, according to The Verge, that has confirmed it from multiple sources.

Microsoft is working on a Xbox TV device. Here you see the current Xbox that was recently updated
Xbox TV is said to be based on Windows 8 which probably means that it could come with real Windows 8 home screen tiles. In addition to streaming services, the box will also support casual games but not real Xbox games.
Xbox in a TV?
Microsoft aims to utilize hardware that enables the box to be in an always-on mode, just like boxes such as Apple TV and Roku. That basically means that the user can access the box interface within a few seconds.
But that is not all. Microsoft is reportedly also working to bring a full version of Xbox Live to mobile devices. There is some speculation that Microsoft will even license the Xbox to TV manufacturers which could mean that we will see TVs with an integrated Xbox. Furthermore, Microsoft is believed to be exploring the possibility of an Xbox TV screen.
Recently, we reported that Microsoft is working on a cloud-based TV platform, which could be part of the Xbox plans.
- Source: The Verge