Microsoft have announced the release of XNA Game Studio 2. The main new feature I'm glad to see is that it will work with any version of Visual Studio 2005. No more having to installed VS2005 Express just to use XNA :)
For those of you who don't know what XNA is, it's a set of tools, complete with a managed runtime environment that faciliates computer game development. It's based on the .NET framework v2 and includes all kinds of specific game development class libraries in order to enable code reuse. The XNA runtime is available for Windows XP/Vista and Xbox 360, meaning that games you write (in C#) can be deployed to both Windows and Xbox 360 without any redevelopment.