Paul Thurrot called out the elephant in the room: there's no trace of Zune branding anywhere that we can see on the new Xbox 360 dashboard design. It's simply "music" and "video" now. Frankly, that makes sense - it's a bit of nonsense that we need to go into the Zune interface to watch videos...
It seems pretty clear that the Zune as a device is dead, and as a service, it's on the way out. Quite a shame really...