Word across the net is that Microsoft is gearing up to release the Spring update to the Xbox 360 dashboard on May 7 2007. Along with reports that GameSpot had a piece on it before quickly pulling it from publication is a video that has surfaced on YouTube, which demonstrates the various new features that are to be included in the new dashboard update.

Among the features that the video claims to be included in the next update include:

• Friends list integration with Windows Messenger, including the ability for Messenger contacts to see which game you’re playing.
• Marketplace to receive its own blade.
• New low-power download mode, as well as an auto shutdown feature.
• Ability to watch partially downloaded movies.
• Various tweaks with the interface.

The “leaked” video on YouTube can be found here.

It’s only a matter of time before we get the next promised update, and May 7 is as good as time as ever for Microsoft to release it. We’ll likely get the video around that time, although it’s unsure as to whether the YouTube video is actually legit. The updated features seem plausible enough for us, so we’re willing to run with it for now.

UPDATE: Major Nelson has confirmed that the above details on the Xbox 360 Dashboard update are official. More details here.