"720" would be every bit as dumb as "360", so I guess there would be some consistency there.
And actually, there's an older Microsoft precedent for skipping numbers. The last 16-bit version of Microsoft Office contained Word 6.0, Excel 5.0, PowerPoint 4.0, and Access 2.0. The next iteration, Office 95, contained Word 7.0, Excel 7.0, PowerPoint 7.0, and Access 7.0. The intervening version numbers were skipped in order to standardize them across the platform.
So if Microsoft wants to standardize Windows 8 across consoles and mobiles and PCs, it does make sense for them to apply the "8" moniker to each of them. But that begs the question: Is Microsoft going to delay Windows 9 for mobiles and PCs until Xbox8 has exhausted its shelf life? If not, that cross-platform naming consistency is going to be pretty short-lived.
Wrong. I absolutely hate the "720" name and it doesn't fit at all and the people who started naming it that have no idea why the first one was named "360".
360 was meant to refer to a 360 degree view on gaming and entertainment by making a console that encompassed gaming, movies, music, all areas of entertainment. 360 degrees is a full circle. XBOX 360 makes sense. XBOX 720 makes none. XBOX 8 fits better than XBOX 720 would.