[EDIT: Changed releases to include CTP]

Before you ask a question in this FAQ please read When will XNA Game Studio support my feature FAQ for all the likely answers.

When?
May 7th 2008:  CTP has been released - Zune support and some other 3.0 changes. No Xbox 360 support.

Beta of Community Games still "Spring 2008"

Final Release Holiday 2008

What will be included?

• You will have the ability to write games for the Zune. For more information see the Zune Game Development FAQ for all the details
• GS 3.0 will be VS2008 only. It is not yet determined if GS will support additional .Net 3.5 features or C# enhancements - see http://forums.xna.com/post/48332.aspx. In the Zune video Adam Miles' eagle eyes caught this screen shot. We still have no idea what this means ;-)
  • C# Express 2008 can be downloaded for free from here.
• Song and sound effect API: you can just add .wav, .mp3, or .wma files directly to Visual Studio, then load and play them from your C# game code
• Support for D3D shaders as materials in .FBX files
• Moving FBX importer to the latest AutoDesk SDK
• New Media namespace for accessing songs on the Zune

What is NOT included?

• SM4.x - see http://forums.xna.com/thread/53560.aspx

Is that it?
Well at the same time the Xbox Live Community games will go live - you can read about it more in the Xbox Live Community Games FAQ

Will {my bug/feature} be included
Please bear in mind that the GS team probably had at least 5 times the amount of feature requests than they were able to get in so not everything requested in connect will be there. See the connect FAQ