For Xbox Live:
Hulu and ESPN deals
Friendslist increase
Xbox Live anywhere with Zune HD and Windows Mobile phones
Xbox 360 software:
Gears of War 3
PGR 5
Alan Wake episodes
Conker 2 for Natal
Natal Fit
a new hardcore IP
dozens of Natal games
Xbox 360 hardware:
pricecut
redesign
bundle with Natal
MS:
MS buys Epic Games
Imagine not having GamePass on your console...