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We’ve been hearing for months now rumors of a new Xbox, with the latest rumors setting 2012 as the release for Microsoft’s next console, which had led many to speculate that the announced Halo 4 would be a launch title. You can set aside those rumors and speculations as Frank O’Connor, the development director at 343 Industries has confirmed that Halo 4 is indeed an Xbox 360 title.
Halo 4 will be on Xbox 360 and use a modified core of the Halo engine(s). Not really a singular engine since it goes through fairly radical evolutions all the time.
Personally, it never really did make much sense that the start of a new trilogy would be on a new hardware. It’s much more profitable to launch Halo 4 on a huge install base that the 360 has and then bring over fans to the new hardware with its eventual sequel.