THE BUZZ: According to a new report, Microsoft is targeting a November 25th release for its upcoming Xbox Live update.

A source has told GigaOM that the code used with the new applications is a modified version of Microsoft Silverlight. The update adds a ton of new features including several TV channels.

“The goal is to quickly mature the platform, with the potential of enabling other third-party developers to eventually use the Lakeview framework to build their own apps for the Xbox 360 console,” say GigaOM.

EGM’s TAKE: The new Xbox Live dashboard and features look pretty impressive, and the fact that TV is coming to Xbox Live is a massive bonus for all.

What do you think of the new update? Leave your thoughts below.

Source: GigaOM