Xbox Live Video Marketplace is Officially open
Users can now download SD and HD versions of movies and TV shows directly to the HDD. To find the content, sign into live, go to Marketplace, Media and Entertainment. You will also find it directly on the Media blade (Video Marketplace).
A quick spin through the list revealed 48 movies rated from PG to R and 47 TV shows.
Pricing will vary by show and quality, but as of now, SD TV shows are 160 MS Points ($2), HD shows are 480 MS Points ($6). Standard definition new release movies are 320 MS Points ($4), Classic feature films in HD will be 360 MS Points ($4.50) and standard SD versions for 240 MS Points ($3). Once you purchase a classic film in HD, the SD version is free to download.
For additional info, try the Xbox.com forums FAQ #1 or FAQ #2.
Read the whole release HERE.