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Lots of details coming out today about the Fall Update. It lands on December 4th and it's kind of a knock-out.

Couple links:
http://news.teamxbox.com/xbox/15079/Xbox-360-Fall-Update-to-Bring-Downloadable-Xbox-Games/
http://www.computerandvideogames.com/article.php?id=175527 

 
Some of the known highlights...

360 Gets Virtual Console service:
- Users will be able to download full Xbox games. All games are only 1200 MS points.
- The first games include Halo, Crimson Skies, Psychonauts, Fable, and Burnout 3, among others.
- More games will continually be added to the service.

Video marketplace coming to EU:
- Finally.

360 to offer film rental service:
- Users will be able to rent a film instead of buying it.
- Renter will have two weeks to watch film after initial rent, or 24 hours after it's first watched.
- Warner Brothers will be among the film companies whose catalogue will be included.

Family Timer:
- Parents will be able to monitor and set restrictions on their kids playing time.