Microsoft is going to release the beta version of XNA Game Studio Express by the end of the month. This will allow people to create games that are playable on the Xbox and the PC.

"The company plans to show off on Monday a new set of developer tools that will let college students, hobbyists and others create their own games for the Xbox 360 console, for a Windows PC or both.

Dubbed XNA Game Studio Express, the free software is expected to be available in beta form by the end of the month, with a final product available sometime this holiday season. "
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This sounds pretty cool.

On the downside, I imagine there will be some games made that make GrandTheft Auto look like wholesome family fun.