Looks like Cory Smith has been busy and impatient with the XBox folks, so what did he do? Well, like any good .NET programmer, he wrote an app to save us all.
He wrote an MSN Messenger clone that lets you know what your buddies are doing on XBox! He'll tell you what games they are playing, as well as what games they own! Very nice, and all .NET and XCopy deploy.
Check it out at XBOXFriends.com