Now that the XBox360 Spring Dashboard Update is in place word is filtering in concerning updates to both the interface and it's capabilities. Engadget has already played with the new video capabilities that accomplished last night's update and the reviews are glowing.

Along with support for 720p and 1080p MPEG 4 streaming there's also room for H.264. Via Engadget:

Technically speaking the Xbox 360 now officially beats out the Apple TV in the digital video arena, both in resolution and bitrate. (At best the ATV only does up to 720p at 5Mbps, while the Xbox does 1080p up to 10Mbps; neither supports higher than stereo audio.) In other words, if you're an Xbox owner thinking about an Apple TV for playing back video in your living room, you might want to think again.

That's a pretty glowing review if you ask me.

We're still on the watch for performance issues among older consoles but for the time being there have been few complaints so far.

Have you updated your Dashboard yet? Care to share your experiences?