Thanks to information from Tom, we now know that the latest system update for Xbox 360 has gone live and is available to download.

The next time you turn on your Xbox 360 while connected online, you’ll be prompted to download the mandatory update. If you’re already signed into Xbox LIVE, however, you may be signed out and asked to download the update (which, depending on your connection, will only take “a few moments”).

But what does this new update actually do?

Not much, apparently. According to a post on Xbox frontman Major Nelson’s blog, the system update will add no new features to your Xbox 360, but will instead prepare your console for “additional system enhancements coming to Xbox 360 later this year.”

So nothing to see here, folks, but you will need to grab that patch to continue browsing Marketplace, playing online and taking advantage of the console’s other internet-based features.

Source: Major Nelson’s Blog