Microsoft has officially unveiled its plans to integrate the Netflix movie download service into the Xbox 360.

Many of the specifics regarding how rentals will work is still up in the air but a few specifics were announced at Microsoft’s press event this morning.  The feature will be exclusive to the Xbox 360 and will allow current Netflix subscribers the ability to download “literally thousands” of movies for no extra charge above their normal monthly subscription plan.  The only caveat is that if you wish to use this service you must also be an Xbox Gold subscriber.

Aside from that, we’d imagine the service will work much like Netflix’s already popular streaming movie download service via PC.  More details as they appear.