Major Nelson, Director of Programming in the Xbox Live Group, has posted an update on his blog confirming the date and time of a new Xbox 360 dashboard update. The major system update will be released to the public on June 6, 2006 at approximately 0200 PDT. It will feature not only the highly anticipated background downloading feature, but also 125 other fixes and enhancements to the console.
Link: List of 125 New Features
Link: Press Release
News source: Major Nelson's Dashboard Update