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Received a bubble pack from MS yesterday containing a sleeveless green game case with a letter outlining the update and the Xbox Preview disc.

Functionally, I'm not noticing anything different which is good.

All reports seem to indicate this is strictly a rewritten security measure with an added bonus of an extra 1GB of disc space for developers.

According to the letter, this disc supposedly clobbers Xbox 360s that aren't registered for the Live Update program. I'm actually kind of tempted to see what happens.