Microsoft has posted a brief video clip which shows off a number of new features which will become available on May 7th, 2007.http://www.youtube.com/watch?v=nwd00FGpKrU
Among the improvements, the new version will add Friends List and text chat integration with Windows Live Messenger. In addition, the Xbox Live Marketplace will get broken out into its own blade for easier access, and will feature a changeable look based on seasonality and special events. The dashboard update will also improve the way that achievements are displayed and categorized, making it much simpler to quickly see what you’ve accomplished in your games.
Last, but certainly not least, you’ll be able to set your 360 into a special low power consumption mode so you can continue to download files even when you’re not using the console. You’ll also be able to set your console to automatically shut down after all downloads have completed.