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BTW: Aren't the Devs of Halo now 3rd party? That excludes this game from as a 'first party' next-next gen title game possibility >_>
http://www.youtube.com/watch?v=Drc-zpQBFjY
I can see designs for a console now, but developing? They are probably just brainstorming. We still got at least 3-4 years before the 'next' next-gen consoles, and I would imagine them updating the bar on their systems as much as possible before the final product is at least revealed, and technology will give them the benefit of the doubt.
Hopefully it's Gears 2 though ^^