Microsoft revealed the full extent of the upcoming Fall Dashboard update today. In addition to previously announced features like downloadable Xbox games and light social networking functionality are discounts on Live Arcade games and enhanced video codec support:

· Xbox LIVE Arcade Hits - On Xbox LIVE Arcade, the Arcade Hits program kicks off where some of the best selling Xbox LIVE Arcade games will become available at permanently reduced prices, making it easier than ever for everyone to build a library of downloadable games! The first games to become Arcade Hits will be "Bankshot Billiards 2" and "Lumines LIVE," which will be available for 800 Microsoft Points each, and "Marble Blast Ultra," "Small Arms" and "Zuma Deluxe," which will be available for 400 Microsoft Points each.

New video features - The convenience of full-screen movie previews and enhanced video codec support further expand the options when it comes to the Xbox 360 entertainment experience.

There's a little more but nothing earth-shattering. And for the record: you'd have to make Lumines Live free before I'd download that pile of bits.