I found this over at the xbox.com forums:
http://squadxp.com/modules.php?name=News&file=article&sid=3636&mode=&order=0&thold=0
I've never heard of this site, but it would be a bummer if it turns out to be true.
Aaron Greenberg, Xbox 360 and Xbox Live Group Product Manager, confirmed that there will be no X07 taking place this year. Instead he said Microsoft will have to find other ways to release their big surprises such as dashboard updates and so on later this year. You can hear him confirm this on the newest Squad XP Podcast.
http://squadxp.com/modules.php?name=News&file=article&sid=3636&mode=&order=0&thold=0
I've never heard of this site, but it would be a bummer if it turns out to be true.