Just stumbled across this guys, probably BS but (translated to english from ze german on the site)
SourceMicrosoft will release its "Fall 2006 System Update" on 31.10.06 in Japan, according to a Famitsu report. The update is free and available to all Xbox Live members.
The update, among other things, improves Xbox Live Arcade and Marketplace functions, provides 1080p support, adds a start menu for XNA-developed games, adds HD-DVD player support and over 80 additional functions.
Microsoft is holding a press conference in Japan at which additional information will be provided.
And some pictures
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