There's an awesome interview up on Channel 9 with a few guys from the Xbox 360 and Media Center teams:
Xbox 360 and Media Center: Living room of the future
I've seen live demos of this stuff, and I'm convinced it will truly revolutionize home entertainment.
I'll definitely be picking up a 360 this holiday season. I'm also due for a new PC sometime soon (current one is a heavily modded 5 year old 1.2Ghz Dell Dimension - OLD!). Did you know Dell PCs for home users ship with Windows XP Media Center Edition by default now? Hmmm!
And the day Media Center supports cable cards is the day I kick my Comcast cable box to the curb. Isn't it fun having customers BEG you to build something they're ready to open their wallet for?
Then all I'll need is a 720p native HDTV, a Dolby surround sound system with optical in, and an 802.11a home network.
Quite the holiday season wishlist, eh? :-)