According to the website SemiAccurate, the new Xbox processors are going through the fab process. They are pushing enough for development kits for the Xbox Next/Xbox 720. Whether or not this is true is still up in the air. SemiAccurate has been accurate in the past when it comes to these reports, though.
Now for the new stuff. The XBox Next/720 Oban chip is in initial production. Sources at a foundry with a blue logo, confirm that Oban wafers started running in the final days of 2011. Sources on the other side of the continent in Redmond when questioned, said, “Who the f*&$ told you that? I am going to f#*&ing rip someone’s head off”. We at SemiAccurate take this as confirmation that the initial sources were in the right ballpark.