Although no one has confirmed the update or the leak, you can watch the video here (it does not look fake):
Video
According to the video, here are a few of the updates:
-Will be offcially released May 7th
-Your contacts will integrate Windows Live Messenger, and show joinable session status
-Your live messenger contacts can see what game you're playing, and your gamertag as well
-Marketplace will "have its own blade, which will be skinned independent of your theme"
-You can watch partially downloaded movies
-Other updates include "Users will now get inline achievement updates", "Low-power download mode and auto-shutdown", "You can text chat messenger six friends playing games watching movies" and finally a few tweaks to the interface.
Source:
Engadget
Written by: Andre Yoskowitz @ 7 Apr 2007 10:28