It's supposedly coming in the third quarter, and will be made by Pegatron. Not many other details, but this possibly erases one of the arguments for the PS3 for those of us still consoleless. I say possibly, because I understand the PS3 has the best Blu-Ray player on the market, and the 360 will have to compete with that reputation. Of course, one of the big pluses in the PS3's favor is that *everyone* has Blu-Ray, so the game manufacturers can take advantage of that and not leave anyone out in the cold.
XBOX 360 Finally Getting Blu-ray - Tom's Hardware