Fresh news from the first E3 Press Conference by Microsoft, and the news is that the Walt Disney Studios to Offer Movie Rentals On Demand Through Xbox LIVE Starting Now.

Beginning today, consumers of all ages will have access to a growing catalog of new and classic movies from The Walt Disney Studios including titles from Walt Disney Pictures, Touchstone Pictures, Hollywood Pictures and Miramax Films, on Xbox LIVE Marketplace, the leading high-definition-video download service. Xbox 360 owners will be able to rent popular Disney films on demand as they become available, such as “Bridge to Terabithia,” Miramax Film’s “The Queen” and Touchstone Pictures’ “Déjà Vu.”

With a cost of 480 Microsoft Points for renting HD new releases, and 320 Microsoft Points for renting Standard-Definition new releases, it's sure to be a big hit. Classic films are charged at just 360 for HD classics, and 240 for Standard-Definition classics.