I have seen this question around , on how will the X360 connect to your PC and Share the Compatible data. I heard some say that you must have a Windows Media Center PC , thats false , you can use any Windows XP based PC. Facts Sheet
Ability to stream media from portable music devices, digital cameras and Windows XP-based PCs
And if you have all the updates including SP2 on WinXP Pro or Home editions , you might notice an Icon called Windows Media Connect located in your Control Panel.
So i guess this will also be used with XBox360 and be able to share your data with the console.