Found this from a thread on pooq.co.uk's forum Here

This is a very interesting package that Microsoft has released. Here is a quote from the FAQ page

Q: What is XNA Game Studio Express?
A: XNA Game Studio Express is a new offering, targeted at students and hobbyists for game development. XNA Game Studio Express is based on Visual C# Express 2005 and lets developers target both Windows and Xbox 360. XNA Game Studio Express contains the following:

* The XNA Framework, a set of managed code development libraries that make it possible for game developers to be more productive when creating games for Windows and the Xbox 360.
* The XNA Framework Content Pipeline, which is a set of tools that allow developers to more easily incorporate 3D content into their games.
* XNA Game Studio Express also contains a full set of documentation, how-tos, and starter kits that demonstrate how best to use the content pipeline and XNA Framework.

The beta of XNA Game Studio Express has now been released, and can be found here. It currently supports Windows game development only.