The event kicks off at 9:30AM MDT at the Alamogordo Landfill on Highway 54, and is slated to run through 7:30PM MDT. Presumably that time period will be much more interesting if there actually are cartridges containing the famously terrible E.T. The Extraterrestrial buried beneath the New Mexican soil, but even if this is a modern day Capone's Vault, there should still be plenty of spectacle. According to Microsoft, X-Men 2 writer Zak Penn will be on hand documenting the dig, alongside archaeologists, representatives from Fuel Entertainment and E.T. The Extraterrestrial designer Howard Scott Warshaw.
More details are available at Xbox Wire, though be wary of the hype. This all sounds exciting, but never forget that you're being invited to spend the majority of a day watching people root through an old New Mexican landfill.