Microsoft on Wednesday unveiled a revamped Xbox gaming console that includes streaming HD movies from Netflix, a revamped dashboard, and movie and game purchases via Xbox.com.

The upgrade, dubbed the New Xbox Experience (NXE), is available to members via Xbox Live.

"The next time you turn on your Xbox 360, the way you enjoy entertainment in your home will be changed forever," Marc Whitten, general manager of Xbox Live at Microsoft, wrote in a Wednesday blog post. "The New Xbox Experience will not only be easier to use from the very beginning, but it will give you new ways to connect with your friends and family and offer up more entertainment choices than any other device connected to the TV."

The Netflix offering will be open to Xbox Live Gold members who also subscribe to Netflix. Users will have access to approximately 10,000 movies and TV shows, including 300 HD selections.

What else is included?

Netflix streaming might not be as extensive as previously thought, however. Sony, which produces the PlayStation 3, is reportedly blocking Xbox users' access to movies produced by Sony Pictures Entertainment. Users can still watch these films via the Netflix Web site, but a licensing agreement with Sony for Xbox purposes has yet to be hammered out, according to 1UP.com.

The updated Xbox Live Marketplace will let users browse and buy content from Xbox.com and download it automatically to the console. Users will also be allowed to copy their games and play directly from the hard drive, resulting in faster load times.

Microsoft will also build the dashboard into the Xbox guide. The tabbed interfaces known as "blades" will now include every feature and option, including access to the full games library at any time.

On the social networking front, the Netflix partnership will also enable users to watch movies together through the Live Party System.

Get the rest of this story and view a slideshow of NXE on pcmag.com.