I just grabbed the new update to Xbox Live, which adds considerable functionality - booting up the system without a game in logs you in to Xbox Live automatically, and places you in a new UI where you can manage your Friends list, voice chat, and receive invites. This is part of an upgrade that extends a bit beyond the console, as you'll be able to access leaderboards, tournament information, and your Friends information from your computer as well.
I wanted to see how the chat facility worked, but nobody I knew happened to be on. Luckily, I received a chat request from "Ogrods" who, along with TheBattleToad, FinalJustice, Valkyn, Carnage119, Shadow051, GrandThief, and the suave ladykiller Josh2cool124 rule all of Enfield, Connecticut with an Iron Grip. That's something I didn't know before.
(CW)TB