QUOTE(metalcoat @ Feb 19 2008, 02:01 AM)
not exactly...
At present you can download XNA express, it includes some open license game examples that you can use as a starting point for your own games and with the basic tools you should be able to create a basic XBLA style game that you can run in Windows (not a 360).
If you want to run your game on the 360 you have to subscribe to the XNA creators club ($99 a year) and you'll get a special tab in the dashboard for running your XNA studio projects. You can also send your projects to others in the creators club so that they can run it on their consoles.
If you want to develop full version games you'll need the full version of XNA studio (the license for which is a few grand). I'm not clear as to whether or not you need a development box or if you can run it on regular Xbox 360 hardware though the creators club, I'm guess that the latter is technically possible but not actually allowed.
What it sounds like is that they're giving away the full boat XNA license to students...
What we want is a free subscription to XNA creators club for everyone + a distribution model to send our programs to non-programmers who can just run them as opposed to being limited manual PC based distribution only to others in the XNA creators club.