Wow, what a mountain of awesome stuff in the Dashboard Update! This video comes from Microsoft’s Game Score Blog. The update should be available very soon, if not by the time you read this.

Couple of things you might want to check out:
Friends Of Friends – here you can set your privacy settings for the new Friends Of Friends feature.
Arcade Hits – some of the pricier Xbox Live Arcade titles now cost less! Marble Blast Ultra and Lumines and more! More arcade titles will drop in price just like the ‘Platnium Hits’ program on disc games.
DivX Playback – At last, watch video you downloaded on you home computer on a TV without converting it all into some other goofy format.

See the full list of updates on Xbox.com