Microsoft has announced that from November 22nd Xbox 360 owners in the US can download movies and TV shows to their Xbox.
The movie will be rental. Once downloaded you have 14 days to start watching it. When you have watched it once, you can watch it for 24 hours. After that the movie is deleted. SDTV movies will clock in at 1,2GB and an HDTV will be around 4,7GB in size.
The TV shows is your for life. Once purchased, you can delete it and download it again. Your purchase is being tracked like your Arcade games.
There is no price points yet, but you will pay in Microsoft points like all other Markedplace stuff. You can read more at IGN.com.