Microsoft: Xbox 360 is here to stay

Microsoft has revealed that it intends to stick with the Xbox 360 console for the immediate future instead of developing a new generation machine.

Robbie Bach, Microsoft's president of entertainment and devices, told the San Jose Mercury News: "Just coming up with something that's faster and prettier isn't going to be sufficient."

"The life cycle for this generation of consoles - and I'm not just talking about Xbox, I'd include Wii and PS3 as well - is probably going to be a little longer than previous generations," he explained.

Bach pointed out that the global economic downturn is also likely to play a part as consumers will be reluctant to make further large investments in new hardware.

"When you look at consumers, they are going to be more value-conscious," he said.

Sony has also recently stated that consumers will get "ten years of value" from the "future-proof" system of the PS3, reports Edge Online.