Falcon is code name of new X360 version - its processor is made in 65nm technology (vs 90nm in old Zephyr), which should help with temperature related problems known from current version (. It also has new aluminum heat sinks and uses 175W power supply. Should you get it? I think so - 65nm should run cooler. How to spot it? Well, it's pretty easy - just look for the "175W" information on Xbox's box:

Source: falz.net