http://www.gamespot.com/xbox/rpg/truefantasyliveonline/news_6086279.html
"I hope that we can release the machine in the near future, but it won't be next year," commented Maruyama, who joined Microsoft last September after being hired away from Square Enix. "Considering that the PlayStation 2 is entering its fifth year and that its game lineup is in its prime, we're estimating that the successor to that console will be released after 2006. Whether we'll release the successor of the Xbox before the PS2's needs to be decided carefully. It has strong pros and cons."