Microsoft is supposedly ready to announce a new Xbox 360 feature that'll let you watch lots of TV on your Xbox 360 over the Internet, according to a report from AllThingsD.

It's not the cord cutting-friendly service that we had hoped for as Microsoft is working closely with cable providers. This means you may have access to an excellent library of current TV shows and movies, but you will need a cable subscription to enjoy it. [AllThingsD]