The newest Xbox 360 System Update that will be available starting today and will continue to roll out over the next couple of weeks will include PayPal integration. The newest feature will allow you to make purchases on your Xbox 360 with your PayPal account once you have linked the two together. The update will also include an auto-standby feature that will place your console on standby if it is left idle for an hour. This feature will be enabled once you have updated your 360 and you will be able to change the auto-standby settings by accessing your system settings on your 360.
Now the update will be rolled out over the next couple of weeks and if you turn on your system and are connected to Xbox LIVE and you are not notified of the update have no fear Microsoft is rolling out the update slowly to ensure a high quality deployment of the update.