Surprise, surprise, it's November 22nd (happy birthday Xbox 360!), and Microsoft has taken its new Xbox Live Video Marketplace live. The biggest mystery at this point was price, which turns out to be $2 for SD TV shows, $3 for HD, while movie rentals will run you $3 for SD and $6 for HD. This is all converted from the various, confusing MS Points involved in each purchase (80 Points = $1), which we're sure we'll all be well sick of after a couple months of using the Marketplace -- if not already. The current word on selection is 48 movies and 50 TV shows available for download, and we're sure that'll be growing -- though V for Vendetta is already available as a HD rental... what more could you want?
UPDATE: Joystiq has some more info and pics galore of the service. They clarified the pricing scheme as well: movies are divided into "New" and "Classic" releases, and priced at $6/$4 for the former, $4.50/$3 for the latter.