Apparently the 'long awaited' dashboard update will be released on Monday, May 7th.
Here's a list of new features:
Marketplace now has its own "blade"... (I'll be avoiding this one until the DRM issue is resolved.)
Compare scores & achievements with friends just like the Xbox.com website
Updates to the Live Arcade now allow you to see what games your friends are playing, and the option to join them if possible.
Added video bookmarking so you can pick up where you left off in a movie!
Rewind, fast foward, pause and resume videos as they're downloading. (No more waiting until they're fully downloaded to watch them.)
Switch between Letterbox “Widescreen” & Full Screen viewing on the fly.
Video has been divided into chapters. You’ll now be able to skip between chapters at any time.
Family settings update for Video Chat and Voice Chat. (Now there's 2 different family settings; one for each.)
An “auto download” feature has been added for all trial versions of Xbox Live Arcade titles.
Low power mode allows you to automatically shut down the console when your content is finished downloading.
Disc tray icon on the dashbaord will now display the game title that's currently in your Xbox 360... no more guessing, ejecting, or having to boot the game to figure out what you left inside your Xbox 360. (I'm hoping it does the same for HD DVD's left in the HD DVD player.)
Xbox Live Instant Messenger features added for text chat.
More detailed friends list.
Hopefully they'll add an 'allow this console to play full versions of the Xbox Live Arcade games I purchased without connecting to live' feature too.
Double Dragon is coming to Xbox Live Arcade next week too. It will be available on Wednesday, the 9th.... I've got my fingers crossed that Microsoft will address the migration and DRM issues by then... yeah, right!