Thanks to CG reader Hetz for pointing this out. Go to the Xbox Homepage. Look on the right and you will see a button that says "Huge Xbox 360 Announcement Hits Aug 17". Rumor had been that they would announce the price and date of the 360 at the Developers Conference going on in Germany. They have a meeting scheduled related to the 360 at around 9:30am ET.
Bill Harris of Dubious Quality has a post today saying Microsoft would have to announce within 3 weeks. I e-mailed him and told him about the rumor, which he already knew, but he had an interesting addition. None of the top 3 Xbox people (Robbie Bach, J Allard or Peter Moore) have arrived in Germany as of yet. J Allard isn't surprising considering he recently had an accident, but he's a pretty resilient guy.
Anyway, hopefully this will truly be huge news and give us the date, price and maybe some of the launch lineup so we can all decide what we're going to buy.