Click "Yes, I agree"
Continue to use your Xbox as usual.

"We reserve all rights to everything, k?"

but what has changed ??

Microsoft does this 2-3 times a year.

Basically, I assume it's just the company making sure they are up to date on any legal action to protect their butts. And making sure that you agree to not tamper with (modify) your Xbox.

Save both the new and old EULAs as text files, then download http://winmerge.org/ and use it to compare the files. I doubt anyone here has enough knowledge of the details of this EULA to seriously answer your question.

Um, are you serious op? That is a standard terms of service.

Every time a company updates something you have to reagree with their terms of service. This is standard practice..everywhere.

Sure. Send me $1,000 and I'll hire a lawyer for $500 per hour to read it and explain it to you.

ok but it will take them 17 hours probably so is good deal for me you on other hand may go broke .-.

I remember a new button being implemented to hide spoilers, or even walls of massive text.

Just say you "agree" and then proceed losing your soul.

No, I'd have the lawyer write it out in easier to understand language, then you can take 17 hours to read it. Or I'd just do a few minutes of research and pocket the $1,000.

It means that you do not own the product you just purchased, it means that in order to use the product you must agree to draconian demands and it means that they consider you lucky that you can give them money, for which you get practically nothing in return, not even the consumer rights you have by law.

It is, in a nutshell, toilet paper.

When I purchase something I consider it mine, no matter what some unilateral 'agreement' says.