From Major Nelson's blog comes:

Microsoft has a big event in Los Angeles today. It's always a big event when you get the big boss to host the event. (Yes, I mean BillG.) Today we are announcing a bunch of new products...including the new Windows XP Media Center Edition 2005 (why can't we come up with shorter names for this stuff?) I'll also be posting about a cool new product for Xbox owners.

Details later today.

I'll update here as soon as I find out what that cool new Xbox product is...

Update: This is what was new yawn