"Starting June 6, Xbox 360™ gamers will be able to access a vigorous system-wide update creating a new pinnacle for next-generation gaming and entertainment. The Xbox 360 spring update introduces more than 125 revolutionary features and enhancements adding to the sheer power of Xbox 360, with stunning high-definition graphics, rich online capabilities, and innovative media offerings delivering a digital gaming and entertainment experience that simply can't be matched. Since the launch of Xbox 360 in November 2005, Microsoft has continuously focused on gamer and community feedback to determine further improvements and enhancements for the evolving next-generation experience, resulting in this inaugural mass update. With more than half of all Xbox 360 gamers connected online, Xbox is further catering to its fans by delivering the spring update in the way they want it." The list is literally too long for me to even talk about.
Take a look at it here. Suffice to say, Microsoft really has been listening to it's users and implementing many of the features they have suggested. Can't wait to get home and try it out!