Throughout the year, the next generation consoles from Sony and Microsoft have been referred to as code name Orbis (PS4) and code name Durango (Xbox 720) respectively. However, if an unconfirmed report from SemiAccurate is to be believed, the code names for the two consoles currently in development are Kryptos and Thebes.
According to SemiAccurate, Kryptos is the internal code name for the next generation Xbox, and the developer test system chip being used is code named Oban. The report states that Oban is scheduled for mass production before the end of 2012 but this could be delayed if production problems encountered are not solved.
Meanwhile, the report also states that Thebes is the project code name for Playstation 4, and mentions that the previously rumored AMD CPU and GPU is "28nm part, likely fabbed at Global Foundries or IBM for the first run, and out after Oban."
The most important detail from the report however is that the PS4 could be released in the spring of 2014, or maybe even during the fall of the same year. This is due to the PS4 chips being produced after the next Xbox's Oban.
Both the PS4 and Xbox 720 have not been officially announced.