The following is a twenty minute video showcasing the new dashboard update on Xbox Live.

Microsoft is calling it the first big Xbox Live update on the 360 - among other things, it will be adding the ability to download up to six items off the marketplace.....and if that isn't nice enough, it can run in the background while you game.

Oh, one other thing I'm totally stoked about - you can choose whether you want to boot into the dashboard or the disc in drive. It's small, but I'm happy about it.

Check out the video, after the jump, it's cool.