Xbox 360 has received what Microsoft terms a "vigorous system-wide update", the company splurging no less than 125 upgrades for its next-gen console which are now (or very shortly today) available for free via Xbox Live Silver and Gold levels of service.

Proudly declaring that the new update contains "features and enhancements adding to Xbox 360's sheer power, stunning high-definition graphics, rich online capabilities and innovative media offerings delivering a digital gaming and entertainment experience that simply can't be matched" - phew! - Microsoft informs that it's 'no hard drive required' to take advantage of the update and that it'll take under a minute to download the update and gain access to all the new stuff.

A full list of the content in the update can be found on the official Xbox website, but here's a few of the new features that Microsoft is highlighting:

Xbox Live Marketplace Enhancements

New background download manager gives gamers the ability to queue up and download six high definition items at a time including playable game demos, Xbox Live Arcade games, music videos and movie trailers while actively playing games or browsing the dashboard. As an added benefit, if gamers engage in multiplayer gameplay while downloads are in process, the new background download manager will automatically pause the download queue until the multiplayer session is complete ensuring a continuously optimal gameplay experience.

Updated Xbox Live Marketplace menus makes it easier for players to find and store all of their gaming and entertainment content. This includes the addition of new menus for media and entertainment content as well as enhanced menus making it easier for gamers to find what's new in each section as well as a quick view at all downloads by category.

Full remote control features for Xbox Live Marketplace videos allow gamers to fast forward and rewind at various speeds (2X-16X) during all videos downloaded from Marketplace.

Music Player Improvements

Custom background music now continues to play without interruption during game loads and when transitioning from game to game or disc content.

During music play, the music playback screen now showcase the artist, song title and time remaining on the song along with a visualizer showing which song on the playlist or album is currently playing.

DVD Movie Playback Upgrades

DVD movie bookmarking now allows gamers to pause a movie at any point, put in a game for gameplay and return to the movie at the exact point it left off.

Improved DVD movie playback for a smoother, higher quality viewing experience, including additional VGA support.