Im not preordering as im waiting till around january to see how it pans out, im 90% sure i'll be getting one though. And the games I will be getting;

Dead Or Alive 4 (So much fun, faster and easier than tekken Tongue Out)
Alan Wake (Made by remedy, from max payne fame id be mad not to)
Whatever burnout game comes out
Gears of war
Oblivion

Im sure theres many more i will discover, but im trying to keep the number of FPS games down as i want more games that me and all my friends can enjoy.

And yes, it acts like a media centre extender, i think you have to install something on your desktop PC to stream audio & video to your 360.