We've all seen that Engadget picture of the Xbox 360 with an HDMI port. Have we? Here it is, just in case:

Of course, Microsoft didn't even bring it up at CES. Does that make the picture a phony? Not exactly. Microsoft employee Christ Satchell has essentially confirmed the validity of the picture with this statement:
"At the moment, everything you might have seen is just looking at our experimentation back in Redmond, not really a product that we're thinking about announcing"
In summation: sure, they have it. But you don't get one.
via IGN