Update 1: We’ve added some more information about the NXE at the bottom!

It’s another NXE weekly update! This week, DirtyDiva’s NXE: What You Need To Know details how Netflix and the revised Video Marketplace will work. We also get some numbers, but more on those later.

For those of you that have a Netflix subscription, have you ever gotten ready to watch that DVD in the Netflix envelope in front of you only to realize that your significant other forgot to send off your old movie? Well, now if you have a Netflix subscription and Xbox LIVE Gold, you can stream any of the more than 12,000 movies Netflix has available for streaming.

Wait, there’s more? On top of all that, Microsoft will also be expanding the Video Marketplace library and it’ll now play host to over 20,000 movies for you to watch in SD and some in HD.  Each of those videos will get hi-res box art as well as letting you, the “renter,” read what would normally be on the back of the box.

Totaled up, this will push the amount of movies the NXE will have to well over 30,000, a pretty damn impressive number.  Now we’re just left wondering when other Video Marketplaces will be updated to the furiousity (kind of sounds like candiosity no?) of the US XBLVM. Canada? The UK? Australia? Surely, it wouldn’t take that much work.

We’ve got screenshots posted below!  Enjoy!  Remember, you can discuss the NXE in detail here.

[Update 1] CVG posted a “30 Things You Don’t Know About The NXE,” cheif amongst them, the ability to delete games off your gamercard that have 0 gamerscore! Enjoy! Thanks Wriggy!