Microsoft Presents Its Mystery Device [TRANSCRIPT]

We're live at the Milk studio in Hollywood for Microsoft's big moment. The software giant has tantalized the rest of the tech world with a mysterious, details-free invite to something major; now it has to deliver on that promise.

So what's it to be? The smart money -- and most of your bets, apparently -- is on a game-changing tablet. But what exactly? Xbox tablet with SmartGlass technology, as we suggested earlier Monday? iPad killer? A sub-$500 Kindle Fire competitor? Microsoft partner Barnes & Noble has told us they're not involved in this launch, but could it still be some kind of media reader?