So yeah, I guess the big news right now is that Microsoft is releasing a toolkit called XNA Game Studio Express that will let anyone with $99 create titles simulataneously for XBox 360 and PC. The caveat is that in order for people to play your games on their 360, they also need to have paid $99 to join the “XNA Creator’s Club” and must have the appropriate runtimes installed on their console. Then they can download your source files (via XBox Live?) and compile them to play. Commercial PC games can be made with Express, however.
Later, M$ is planning on releasing XNA Game Studio Professional, which will allow you to create commercial games for XBox.
The beta of XNA Studio Express is going out August 30th, and, since it is beta, you will not be able to share games made with it on XBox 360.
Link: XNA FAQ (Microsoft)
EDIT: Oh yeah, there’s a XNA team blog, too.
(Source: Gamasutra)