Microsoft habitually announces billion dollar bets that aren't really, but Xbox Live really is one. That's not to say the stated billions are correct of course, but if this one flops it'll still cost Redmond a pretty penny. In the event of failure Microsoft would be left clutching four datacentres, a sophisticated broadband voice, data and messaging network waiting for clients that aren't coming, and - bizarrely - some kind of online Disneyesque experience.

And it's risky because - as was not the case in the pre-XP hype period - Microsoft is trying to carve its way into and dominate an entirely new market that it doesn't already own. As The Register has been known to observe in the past, Microsoft is actually not very good at this kind of stuff, so don't get your hopes up (or do, depending on your inclinations).

The script for Xbox Live is approximately as follows: Find out more at The Register USA