Some new details on Kinect Fun Labs has leaked out today most importantly that we will be getting it in just a few hours.

Shannon Loftus, Studio Head at Good Science has been discussing with Major Nelson exactly what Kinect Fun Labs is;

Kinect Fun Labs is a permanent addition to your Kinect hub,

Right now you can play with four of the gadgets;
there is Build a Buddy, which allows you to scan in any object that you
love and play with it in a whole new way; theres Googly Eyes, which
allows you to scan in the object and be that object; theres Kinect Me,
which allows you to make an Avatar that looks just like you with your
face, your style, your Avatar.

According to Major Nelson Kinect Fun Labs will be available on your Xbox 360 for Kinect immediatly after the Microsoft press conference.

Source: ThatVideoGameBlog