If you want to get a look and feel for all the new features that will be coming with the Xbox 360 Dashboard update that drops on August 11th, here's a video that goes very in depth. Gear Live has published a video that covers the Netflix upgrades, Avatar Marketplace, Games on Demand, and more - 35 minutes of HD goodness.

A brutal reset, a smarter story, and a return to what made it great—Mortal Kombat (2011) revived the series.
15 years went by so fast. I remember playing through the story mode at launch.

The name "Hewson" carries a special weight for anyone who grew up during the golden age of British computing. As the son of Andrew Hewson—the man behind legendary publisher Hewson Consultants—Rob Hewson didn't just grow up playing video games; he learned to spell his name from their title screens. However, Rob didn't just rest on his family's 8-bit laurels. From leading major LEGO franchises at TT Games to tackling the high-stakes world of technical porting at Huey Games, Rob has carved out a unique path in an ever-evolving industry. In this candid interview Rob to discussed the burden and beauty of a family legacy, the technical "scar tissue" left by the ambitious Hydrophobia, and why porting a masterpiece like Inscryption to consoles is far more than a simple copy-paste job.
To celebrate Tomb Raider: Legend's 20th anniversary, the official channels have shared an early in-development gameplay demo.
Awesome walk through, although I have to admit, it makes it harder to wait for the update! The Games on Demand, rating system, new save functionality, new HD options etc have me really excited.
Oh man...I shouldn't watch it. I want this update now. Oh the torture!
For those who wants this update don't watch it because the wait is going to be worst after seeing the video.
YOU'VE BEEN WARNED!!!
Going to watch now.
Goona have to watch this one in the morning should be good.
-Well, I knew the "Premium Clothes" are inevitable. My pity for anyone who would spend actual money just for virtual clothes. Like the dude that just spent $3 for a virtual RC Warthog. Y'know, it would be cool that achievements that are unlocked came with avatar clothes. But guess Microsoft would rather charge us. Sony isn't so innocent either since Home's been around much longer, but we don't get avatar clothes for trophy unlocks.
-Wow, that's pretty cool "Party Reconnection". I get disconnected from XBL parties weirdly, and getting an auto re-invite works out nicely.
-I like the fact that I can invite a virtual party to watch whatever TV shows I'm watching too. No mention of unlocking achievements by watching X movie/show. I'm betting the "improved playback" feature is tailored to the new "Party Watch" feature.
-I think the "rating" system might be useful. Of all the millions out there, it's a great way for everyone to get a "feel" for a game before hitting up the regular media hubs for info. UPDATE: The guy in the video rates Splosion Man a 4/5 stars.
-I think the voice messaging feature is kinda useless. You can find out whether or not you're sending a blank message as most people replay voice messages before they send em. Hopefully. Talk about being more lazy, but it saves time for very active voice messaging people, so they should be happy.
-I'm not a fan of Games on Demand. It's a hassle enough transferring licenses for XBLA games when you're gaming on the go, I imagine the Games on Demand thing will be the same thing. I prefer discs, so to each their own. Right now, there isn't any 360 games on the XBLM so whatever. It says you can buy the games with a Debit/Credit card, but the option isn't there yet as of this video.
-Wow Harper's Island looks amazing! Is that really being streamed on the fly?! GG Netflix! Especially since the movie is being streamed in 1080p.
-It looks like now the update includes the "Gold Veterans" that we've been hearing about. Basically what it means is that there's going to be a nice number top-right side of your GT that shows how many years you've been a Gold Member. The guy in the video uses this to tell who has the update or not.
-Community Games have been renamed to "Indie Games".
-I dunno if this is new, but you can now preview XBLA games via video just like you would for TV Shows/Movies. However it's not in HD. Seems fair enough.
-"Display Discovery" is something new for HDMI in option, but not it feature. In essence, it's turned on by default. What it does is that it allows the 360 to find out what TV settings are supported and set itself accordingly. This isn't new to us since 2007. However being given the option well...is optional! Personally I rather keep it off because my TV's Chip doesn't play nicely with the 360. Sometimes it outputs at 480p until I power-cycle the TV.
-Achievements stats are more detailed now. It shows X/XX. X being what you have now. XX being how much can be earned. For example. 1000/25000 points. Also it now catalogs how many games you've completed AKA, games with 1000/1000 GS.
-The new achievement browser is just like the old one. In essence, while in the in-game dash. When you bring up the achievements for a game: it displays them in tiles now. Not a list. Should be easier to look at. Think Windows (Tiles vs. List)
-You can now sort your friends list by the typical stuff. (Who's Online, Last seen Online, Alphabetical, Sorted by Activity: It groups friends who are playing the same games close to each other.). The default is "Online Status" though.
-Part of the "Save Modifications" includes new information such as the date it was Created. Suppose to help you file manage so you don't delete wrong saves.
-To be updated-