"Put simply, it is Torque... on XNA. It can be used with Microsoft's upcoming XNA Game Studio Express to create games in the XNA Framework, which will then run on both Windows and Xbox 360.
You might ask, "Torque? Does that mean Torque Game Builder (http://www.garagegames.com/products/torque/tgb), Torque Game Engine (http://www.garagegames.com/products/1), or Torque Shader Engine (http://www.garagegames.com/products/28)?" The answer is some of each. We are porting key portions of our 2D and 3D technology and tools over to XNA. We already have much of the Torque Game Builder engine, and several components of our 3D technology, including artist-friendly shader support, up and running solidly in Torque X. The working environment will be similar to that of our other Torque products, so if you're familiar with Torque you should have no trouble hitting the ground running with Torque X.
Furthermore, since a majority of the functionality of Torque Game Builder will be included in Torque X, you can start building your game in Torque Game Builder now (http://www.garagegames.com/products/torque/tgb), then port it over to Torque X when it's available and use it in conjunction with XNA Game Studio Express to run it on the Xbox 360!
"Sounds great! When can I get my hands on it?" As a product in development, we have no firm release date that we can give. We fully intend for the release of Torque X to coincide with Microsoft's release of XNA Game Studio Express, which they plan to have ready by the holiday season. That is all the information we can currently give on the release. Similarly, we are still discussing options for fair pricing, but one of the options we are considering is the subscription model posed by Microsoft for XNA Game Studio Express. "