Even though the Xbox 360 update that's coming on August 11th isn't the one you're looking for (i.e. the one with all the awesome features listed during MS's E3 presentation), that other one is still coming, and should drop sometime before Christmas.
Eurogamer's interview with James Halton confirmed that the huge update, which includes Facebook, Twitter and Last.FM, is on its way. "It will be before Christmas. A lot of the background work's been done for a lot of applications that are coming."
Good news, I guess. For now I'll be buying hats and fake toys for my avatar.
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