Microsoft has announced it's new plans for the 360 at the E3 media and business summit this year. They have an exclusive offer with Netflix that will allow xbox live gold members who are subscribers to Netflix to stream movies and tv shows directly from their 360 console.
Players can create a custom avatar that will represent them.
There will be a game show type game to play for members of the xbox live community.
That is a brief overview of the new update that will be available soon on xbox live. I think Microsoft is trying to bring out some new ideas as Home will soon be available on the Playstation 3.