What is Xbox LIVE?

Xbox LIVE is an online multiplayer gaming and digital media delivery service created and operated by Microsoft Corporation. Xbox Live is the network gaming system that uses the Internet to connect Xbox machines to one another through Microsoft's network using the Xbox 360 consoles as servers for multiplayer matches, instead of a dedicated server system.

Xbox Live is a subscription-based service that can be purchased in 1 month, 3 month, and 1 year periods. The Silver level service is free, while the Gold level requires a paid subscription. Xbox Live Gold subscriptions can be purchased directly from the Xbox 360, with a credit card and many retailers sell subscriptions, often at a discount. If users associate a credit card with their Xbox Live account, when the current subscription ends, it is renewed automatically.

Xbox LIVE is the first and most comprehensive unified online entertainment network seamlessly integrated throughout the entire console experience, making it easy for people to find the friends, games and entertainment they want from the moment they power on their Xbox 360 system. And to further this experience, as part of the Xbox LIVE Fall Update, the Netflix Xbox 360 client will allow anyone with a Netflix subscription of more than $9-month to stream, for free, any of the more than 10,000 back-catalog movies Netflix makes available on demand.

This is just one major upgrade in the new Xbox LIVE Fall Update, also included will be a new interface for the Dashboard, Wii-like avatars to associate with your gamercard, and the ability to access the Xbox LIVE Marketplace from your PC. Although not much else has been reported by Microsoft at this time, it is rumored that the ability to create clans and track clan stats is also part of the new update.
Will this new update bring a renewed vigor to current disappointed users? We can only hope so!