XBL Spring Dash Update at Least 24 Hours Off
A little longer to wait for chatting with MSN buddies.
By Dan Dormer, 05/08/2007

To ease gamer anxiety, Major Nelson announced late last night that the spring dashboard update is "not being released in the next 24-hours." This update adds chat functionality, a new "marketplace" blade, tweaked background downloading, a specific achievement unlocked display and establishes regional content locks for Video Marketplace goods.The official press release stated the update would be available "the week of May 7," so Microsoft still has time before gamers grow completely restless. While 360 owners wait, they can check out 2 new videos on XBL showing the ins-and-outs of the new features.

If you're having trouble finding them, here's a road map: demos and game videos --> game trailers --> gaming community --> behind the scenes --> game trailers --> voila!

Seems you'd need to download the Optional Media Update for playback of AAC audio and MPEG4 video. Downloading as we speak, will update after i test with my copy of Bikini Destinations in 720p MP4 video later. 

update: Yeah! Works perfectly, no need to encode to different formats for playback on PS3 and Xbox360 anymore since they both playbacks MP4 now.