Xbox 360 Specs

BBC NEWS | Technology | Xbox 360 kicks off console wars: "CPU with three IBM PowerPC 3.2Ghz cores
ATI 500MHz graphics processor
48 billion shader operations per second
512Mb GDDR3 RAM of memory
Removable and upgradeable 20Gb hard drive
Three USB ports
Windows Media Extender built-in
Support for DVD-video, DVD-ROM, DVD-R, DVD R, CD-DA, CD-R, WMA CD, MP3 CD, Jpeg photo CD"

20 gig allows for a local storage of a HDTV movie (its also upgradeable).
3 USB ports allows for extendability.
500 Mhz ATI processor (not id'ed) is state-of-art speed for PCs
3 core processor at 3.2 Ghz allows for multithreaded support.
This baby is going to be hot - literally.