Listened to this weeks Major Nelson podcast and he seems to hint that the update will be released at some point this week! Leaving today, Wednesday or Thursday as they wont release it on a Friday.
Very interesting listen actually it also contained an interview with the one of the dashboard guys going through all the new features, points to note are:
* The update writes to the 360's flash memory so doesnt use any HD or memory card space.
* It will take about a minute to download.
* If you dont/cant connect to the net for whatever reason (all 2 of you
) then they will add the update to future games so you can update (much like the PSP does with the firmware)
* With the new update marketplace will be able to be updated serverside so they wont need to update everyones 360 to alter the layout in future.
* The 360 camera will also be compatible with your PC to be a webcam.
* A new feature not covered on that video is an MSN like "away" feature for live, where if you leave the 360 on but go away from it, it changes your status to friends to away.
* Theres going to be another update in about Q4 this year and twice yearly updates is their plan.
There was loads of stuff on it actually its well worth a listen.