Apparently the Xbox 720 is now being referred to as 'Kryptos' and the PlayStation 4 is being called 'Thebes'. I'll let you decide whether or not those are better than 'Durango' and 'Orbis'. The outlet went on to discuss the base chips that will power each console, saying that AMD will be the provider for both.
Microsoft's 'Oban' chip is currently in production, but facing a few issues that are currently slowing down the process. The report goes on to add that the PS4's chip will enter production after Microsoft's chip is completed, suggesting that Sony's next console won't launch until spring or fall of 2014.
What do you think of a 2014 release for the PlayStation 4? With virtually no games confirmed for a holiday 2013 release, it is hard to imagine what Sony might have planned software-wise for release a year from now if their next console isn't ready. And no, the slim chance that we'll have The Last Guardian doesn't count.