Interesting that none of the other press I've seen has picked up the exclusive dimension. See the full press release for more Xbox news.
The exclusive partnership offers Netflix subscribers the ability to instantly stream movies and TV episodes from Netflix to the television via the Xbox 360 video game and entertainment system. Xbox 360 will be the only game console to offer this movie-watching experience, available to Xbox LIVE Gold members who are also Netflix subscribers at no additional cost.
From the Netflix Web site, subscribers simply add movies and TV episodes to their instant Queue, which will appear automatically on the TV screen via Xbox 360. Once selected, movies will begin playing in as little as 30 seconds. In addition to instantly streaming Netflix movies to the TV, Xbox LIVE Gold members can browse and rate movies, fast-forward, pause and rewind, all using either their Xbox 360 Controller or remote.
Netflix on Xbox 360 will launch this fall with the release of the new Xbox experience, a new generation of games and entertainment experiences that will be available for Xbox 360 this fall.
“Xbox LIVE is the world’s fastest-growing online social network on TV,” said John Schappert, corporate vice president of Interactive Entertainment LIVE, Software and Services Business at Microsoft. “We doubled our membership the past two years, growing from 3 million to 6 million, and then from 6 million to 12 million. And today, we are adding a new member every five seconds. With the best and broadest social entertainment experiences launching this fall, the future is limitless.”