Microsoft will be releasing an Express version of their XNA development environment free! That means that folks like you and I can create our applications for the XBox 360 (and, simultaneously for Windows) much more easily! That is cool! I expect a development community to spring up with free games, trial games, and all sorts of non-game applications as well. Fun! You can read more about it here.
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Disclaimer The opinions expressed herein are my own personal opinions and do not represent my employer's view in any way.