This is awesome news.

This will cover me and my 3 sons.

http://www.gaming-age.com/news/2010/6/22-72

Below is the beginning of the post.

For whatever reason, Microsoft failed to announce this during the E3, but here it is, a new discounted Xbox LIVE Gold Family Pack. For $99.99, it's basically buy 2 get two free, but with some added family friendly restrictions and functionality. With Kinect around the corner, it's an interesting new way to branch out the Xbox Live Gold service.

More information and the official announcement below.

Xbox 360 makes family time, quality time. Only Xbox LIVE delivers a world of games, movies, social entertainment and starting this November, live sports, allowing you to share them with the people you care about, around the world.

This November, the new Xbox LIVE Gold Family Pack will offer up to four individual Xbox LIVE Gold memberships for only US$99.99 - the price of two regular Xbox LIVE Gold subscriptions. Now as you prepare for the launch of Kinect for Xbox 360, which makes YOU the controller, consider giving your family premium Gold experience and access to the biggest names in entertainment.

yea this is a pretty great deal actually!

Good deal for families, it would be nice if you could get 2 for about $80, or something like that, as well, though it doesn't really affect me anyway

that is smart. I was hoping for a famiily deal. Depending on how kinect works out I may be getting another 360 and would love for everyone to have a gold account.

I have three accounts @ $50 each on one console, this will be convenient for me ..

Will this can only be done on one console or attached to that console only?  

what if you own two XBOX or more.

Yea, I wonder how it works, would be cool if 4 buddies could splitit too. would make it 25 a year for live per person

Your Gamertag holds your Gold/Silver status and gamescore.  I would guess you could keep your "profile" on a flash drive and move that between consoles.  I *know* that works with a single Gamertag (I have two 360's I move my profile too), so don't see why it wouldn't work with the family plan.