The Xbox 360's video download service is here. Before you start laying down your cash, er, Micro$oft points, here's what you need to know about it, with some help from our friends at Kotaku.

Delivery: It doesn't stream movies and shows. It downloads them in their entirety first, before you can watch them. UPDATE: I was able to watch my movie once a notification dropped on screen telling me I could. This happened around the 50% download point.

There's No Porn: Not even in Standard Def. Not even amateur clips. No, no jubblies. Not even Showgirls.

TV Pricing: High definition shows are $3 (or 240 points). Standard definition shows cost $2 (or 160 points.)

Movie Rental Pricing: For a 14 day rental, high-def movies are $6 bucks (480 points.) Regular def flicks are $4 (320 points.)

Jump for the rest.

Old Movies, like Mad Max 2, Pricing: $4.50 in high-def and $3 bucks in standard-def ($3).

Goonies?: No.

Rental Length: 14 Days after download or 24 hours after you hit play.

Background DL: When you game, things continue to download. When you game on Xbox Live, things stop downloading. So you're not going to be able to hang with your friends playing a game while your flick comes down the wire.

Why?:" "After purchasing a high-definition TV show or movie, gamers can download the standard-definition version at no additional charge."

Live Account: You can buy movies with a free Silver account. But the people with Gold accounts won't come to your dinner parties anymore. Class divisions are the new race.

What else? Email us more questions at tips@gizmodo.com.

UPDATE: This FAQ keeps growing: Here's a link to the rest of the posts.

The entire list of 48 movies, and TV shows:
Movies:
9 1/2 Weeks
Akira Kurosawa's Dreams
Analyze This
Art of War
Ask the Dusk
ATL
Ballistic: Ecks Vs. Sever
Batman Forever
Chariots of Fire
Chinatown
Clash of the Titans
Congo
The Core
Cradle 2 the Grave
The Dead Pool
Deep Blue Sea
Exorcist III: The Heretic
Failure to Launch
Gallipoli
The Hunger
The Lake House
Looking for COmedy in the Muslim World
Mad Max 2: The Road Warrior
The Matrix
National Lampoon's Christmas Vacation
Natural Born Killers
Patriot Games
The Perfect Storm
Pootie Tang
Poseidon
Rat Race
Rebel Without a Cause
Romeo Must Die
Rosemary's Baby
The Shining
Star Trek II: The Wrath of Khan
Star Trek VII: Generations
The Sum of All Fears
Superfly
Tequila Sunrise
Three Kings
THX
Timeline
Unforgiven
Untouchables
V is for Vendetta
We Were Soldiers
Zoolander

TV Shows:
Aqua Teen Hunger Force
Avatar: The Last Airbender
Beavis and Butt-Head: The Mike Judge Collection
Breaking Bonaduce
Carpocalypse
Chappelle's Show Uncensored
CSI: Crime Scene Investigation
CSI: Miami
CSI: NY
Day Break
Draw Together
Family Guy
Fights
Frisky Dingo
Harvey Birdman, Attorney at Law
Hogan Knows Best
Invader Zim
Jackass
Jericho
Late Night with Conan O'Brien
Mind of Mencia
Moral Orel
Muscle Car
NCIS
Pimp My Ride
Punk'd
Raising the Roofs Uncensored
Robot Chicken
Sealab 2021
Skyland
South Park
Space Ghost Coast to Coast
Spoongebob Squarepants
Star Trek: The Original Series
Studio 60 on the Sunset Strip
Supernatural
The Adverntures of Chico and Guapo
The Andy Milonakis Show
The Nine
The Real Word
The Venture Bros
Veronica Mars
Viva La Bam
Viva Pinata
Wildboyz
Wonder Showzen
Xtreme 4x4

–Brian Lam
Xbox Live Video FAQ [Gizmodo]
Prices for 360 Vid Downloads [Kotaku]
TV Shows on 360 [Kotaku]
Movies on 360 [Kotaku]

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