Microsoft is faced with an important dilemma concerning its choice of release date for the XBox 2. According to developer reports and to a steady supply of leaked statements, Microsoft's next-gen console is the one that is nearest release and the company now has to decide if it will risk launching it by Christmas 2005. According to several key industry sources, Microsoft is working towards a Christmas 2005 launch for its next Xbox console in US, with a European release likely to take place in e…