I'm catching up on the E3 coverage I missed while traveling this week, and the new Xbox interface they are rolling out this fall is pretty dope. Avatars, a Live-based party system, and more. Looks slick. Also from the Microsoft presser: Fallout 3! Looks totally awesome. Admittedly, I've still got about an hour to go in the MS presser, but it looks pretty good. My understanding is the G4 guys got hands-on demos each day, and I've got Day 1 and Day 2 (today) on the PVR already. Can't wait to see what they've managed to score.
God, the last system I owned was a Dreamcast. After I bought it, Sega announced they were discontinuing it. Bah.
They also announced Netflix integration with Xbox Live. IE, if you have Netflix and a Live account you can access the Netflix library for free on Live (and it appears to automatically "cache" movies locally so you don't have the explicitly download them first). I don't subscribe to Netflix, but this is pretty tempting.