http://www.xbox.com/en-us/Developers/id I'm not sure if this has been pointed out anywhere else here, but it certainly seems interesting. I would imagine you would have to have a somewhat decent portfolio to be accepted, but it seems geared towards small indie studios. The free and pro versions of unity can also build straight to the free dev kits they give you.
They basically deny everyone not affiliated with an established development group, regardless of size or notoriety.
Reminds me of Sony's Dev Incubation Program for Latin America... http://us.playstation.com/develop/incubation-program/index.htm