I'm really excited for the new Xbox 360 Fall update.  The new dashboard looks so much more elegant than the current "blades" style dashboard.  The PS3 XMB has an elegant look and the wallpapers aren't covered by advertisements like the current 360 dashboard.  Hopefully with this new update, we'll be able to see the themes. 

Being able to install games onto your 360 HDD is a huge plus!!  When I start a game I usually finish it before I move onto another game, which is why I love this idea.  I can simply install the game onto my hard drive, and finish the game without the disc drive making so much noise!  I may have to upgrade to a larger hard drive so I can install several games I play often.

Overall, the new update is looking fine...have to wait and see~  :)