Microsoft issued an Xbox 360 system/dash update, so if you log in to Xbox Live you will receive a prompt to accept this mandatory update. This unannounced update is minor as it merely prepares your Xbox 360 for the wireless guitars that are being released in a few months. No Other new features are included, which is planned for later this year as part of Microsoft's biannual release cycle.

Microsoft kicked off the greatest holiday lineup in video game history by announcing it will reduce the estimated retail price (ERP) of Xbox 360 by $50 (U.S.) beginning Aug. 8. Soon to follow, Electronic Arts Inc. (EA) will release its blockbuster video game title Madden NFL 08 on Aug. 14.

August and the rest of the summer are shaping up to be scorching hot on Xbox LIVE Arcade. Perfect for whittling away the long days of summer are a bevy of unique sports games, classic and futuristic fighting games, as well as a few other surprises, all of which will be making their way to Xbox LIVE Arcade in the coming weeks.

This Xbox LIVE Arcade Wednesday, gamers can log virtual track time and exercise their fingers and thumbs with the Konami's 1983 classic Track & Field, now updated with enhanced grahpics and up to four player multiplayer competition on one Xbox 360 or over Xbox LIVE.

The epic saga continues with Halo 3, in this third chapter of the Halo trilogy, Master Chief returns to finish the fight, bringing the epic conflict between the Covenant, the Flood, and the entire human race to a dramatic, pulse-pounding climax.

Fatal Inertia mixes street racing, demolition derbies and rallying with a futuristic setting where machines no longer need wheels and the laws of physics govern all. The sport is called Inertia and offers real world environments that can break your opponents and lead you to victory. KOEI has released a 380mb demo on Xbox Live ..

In Crysis shooter fans will face a new kind of gameplay challenge requiring adaptive tactics and customization of weapons and armor in dynamic, hostile environments as mankind struggles to survive in the face of a horrific alien invasion. PC Gamer's interview with Crytek CEO Cevat Yerli reveals that Crysis "could be on the 360 or PS3," but "It requires optimisation."

Mass Effect is a science-fiction action-RPG created by BioWare, previously known for Jade Empire, KotoR, and Neverwinter Nights. Mass Effect will deliver an immersive story driven gameplay experience with stunning visual fidelity.

Just as Sony's PS3 price cut was prematurely leaked through early ads, the rumored Xbox 360 price cut might also become a reality soon. Ads for Walmart and Toys 'R Us reveal that on Sunday, August 12, both retail chain stores will drop the price for the Xbox 360 by $50, to $349. Whether this reduction is only for the premium system was not clear, as that was the only model printed in the ad.

Sierra Online has released 3D Ultra Minigolf Adventures: Lost Island Expansion, featurings 18 additional holes set in a tropical Lost Island paradise.

Test Drive Unlimited challenges players online to experience the most exotic and fastest vehicles on more than 1000 miles of diverse Hawaiian roads. Atari has released new downloadable content, the Test Drive Collection Volume 5 (350 points), on the Xbox Live Marketplace. Volume 5 features five new cars and the Holden Efijy Concept motorbike (free).

MotoGP ’07 is the next evolution in the definitive motorcycle racing franchise, featuring the complete 2007 MotoGP season and an improved 'race day' experience that captures the excitement and spectacle of a live MotoGP event. THQ has released a 900mb demo on Xbox Live Marketplace...

Xbox LIVE and Warner Bros. Home Entertainment are bringing Comic-Con 2007 Home to all Xbox 360 owners. To enjoy the show, gamers can connect to the Xbox LIVE online entertainment network and bring everyone together in the living room to enjoy Comic-Con 2007.

As the new rookie driver on the circuit, develop your racing skills to gain licenses and contracts from hungry owners and unlock legendary top performing cars from NASCAR's biggest stars. All-Pro Football 2K8 hits the gridiron with the legendary gameplay, innovative features, and hundreds of legends combined with an attribute system showcasing the well-known, signature abilities of each football star.

Wing Commander Arena is a fast-paced arcade-styled space combat game where gamers can team up with 16 players online to attack other teams of ships. Reprise your role as either Bill Rizer or Lance Bean in this follow-up to the arcade classic Contra, which made waves in arcades everywhere in 1987. Both titles are coming to Xbox Live Arcade Wed., July 25.

Previously Sierra released a new title update with new game types as well as the first of 3 map packs. Today the Synchronicity Pack is available on Xbox Live Marketplace for 550 points, adding five new multiplayer maps, 3 Capture the Flag and Conquer All ones (Dead Wood, Labs, Depot) and two Deathmatch or Control maps (Waterworks and Stockpile).

Dynasty Warriors: GUNDAM brings the fast-paced action-filled gameplay experience of Dynasty Warriors to the futuristic battlegrounds of the rich Gundam universe. After it appeared on the PSNetwork last month, Namco Bandai now also put the demo on Xbox Live Marketplace, where you, as Heero Yuy, must try to stop what seems to be a mysterious planet that is veering towards Earth.

Microsoft revealed its latest financial results and announced revenue of $13.37 billion for the quarter ended June 30, 2007, a 13% increase over the same period last year. On the flip side, the games division recorded a $2 billion loss, mainly due to the Xbox 360 warranty policies and refunds.

Mafia hitman Jackie Estacado is part of the Franchetti crime family helmed by vicious cousin Paulie. On the eve of his 21st birthday, Jackie is suddenly possessed by the terrifying and spectacular powers of the Darkness. 2K Games has released a demo on Xbox LIVE Marketplace allowing you to try 3 early levels, the Tunnel, Cemetery and Grinders Lane.

Set 500 years after the original game, Fable 2 will offer even more choices and features, while building on the core gameplay theme of Fable where every choice continually defines who you become, allowing you to truly live the life you choose.

Juiced 2: Hot Import Nights features unparalleled vehicle customization, an adrenaline packed drift racing experience and ultra-realistic Driver DNA. THQ has released a whopping 1.3Gb demo on Xbox Live for its racing game.

GEON: emotions is a psychedelic, pick-up-and-play game of rapidly changing tactics. Playing as one of eight emotions – Rage, Passion, Fear, Envy, Rapture, Courage, Bliss or Melancholy – players must race to collect pellets and score goals, using power-ups and their ‘emotional’ strengths and weaknesses.

RPG created by acclaimed artists Takehiko Inoue (Japanese manga creator), Kiyoshi Shigematsu (famous Japanese novelist) and Nobuo Uematsu (Japanese music composer, known for creating the music for the Final Fantasy series of games). The game is produced by Hironobu Sakaguchi, creator of the original Final Fantasy series.

Void Star Creations' Poker Smash is a fast paced puzzle game featuring 13 original soundtracks and next-gen 3D grahpics. Innovative gameplay allows players to experience six unique game modes including action, puzzle, practice, theme playlist, split screen head-to-head and multiplayer tournaments.