Looks like Microsoft's working on a snazzy new glass lens Webcam capable of 720p video at 30fps (in full 1280x720 resolution). Other features are expected to include 4x digital zoom, and a built-in noise-cancelling microphone.
The camera is made from aluminum and has a stand designed to work with both desktops and laptops. Pocket-link goes on to say that:
The LifeCam Cinema is of course compatible with Windows Live Messenger, but also with Windows Live Movie Maker and Windows Live Photo Gallery. It's also compatible with Windows 7 out of the box, as well as Windows Vista and Windows XP.