Tom Miller's Blog seems to suggest lots of people are talking about it. You guys can't see it, but I can see 6 different GDNet news stories awaiting approval in the queue all about this story. Seems that people are quite rightly very excited [grin]
XNA Game Studio Express/XNA Framework Announced
(also being discussed in the DirectX forum)
I found out about all this last Thursday and was really buzzing as soon as the LiveMeeting finished. Even though the final details suggest it costs $99/year to deploy to the XBox360 that's a relatively small price to pay in order to get an opportunity to start working on a top end console.
Let the fun begin!