Now this sounds pretty cool. Check out the promo video after the jump. A few of the spiffier features I learned about from Pasta Padre's interview with the producers:

• If you're doing a live in-the-flesh draft with your buddies, you can use your HDTV as a virtual draft board via your XBox. After some players are drafted, a video will play with commentary about the pick from EA fantasy "experts." Given the pit-in-your-stomach insecurity some people (OK, like me) get after making a big pick, I bet this will be a very popular feature - as long as it doesn't cut into the next person's time allowance.
• If you've got picture-in-picture on your TV, you can have a little screen updating you on your team while you watch the games.
• It's a fully-featured web-based fantasy football system. No idea yet how good it is, but I've got a 360 so I'll be trying it out and posting about it in addition to my other regularly-posted reviews of fantasy football services.
• Your fantasy team can be imported into Madden. Awesome.

The make-or-break factor here will be the quality of the web-based team interface. If it's a pain to manage your team, figure out waivers, or sift through free agents, no amount of Xbox spiffiness will make this a system worth using. I should also mention that it will cost a total of 1600 Xbox points for the system and the on-screen updates (which cost 1200 and 400 separately) - which translates to $20.

Here's the promo video.

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