Microsoft and Sony are set to add new features to their respective gaming consoles, the Xbox 360 and the Playstation 3.

On November 17, Microsoft will let users update their firmware via Xbox Live that will include many useful and much anticipated new features.

The most important Xbox updates include new Twitter, Facebook and Last.fm (with support for only the U.S. and the U.K. users for Last.fm) integration, on demand 1080p 5.1-channel HD video streaming via Zune Video, and a new News section that streams content from various content partners including MSNBC.

Not to be outdone, Sony is set to include new Facebook integration in its latest 3.10 firmware update that is expected to launch sometime this Thursday. Users will be able to post Trophies and PSN purchases on their Facebook wall, including status updates on game accomplishments.

The Sony Facebook app currently doesn’t seem to offer much more than PSN and Trophy updates, including the ability to update your status directly from your PS3 (you can do that on the Xbox app), but hey, if you wanted to do that with the painfully slow on screen keyboard, you could do it from the PS3 browser anyway, right?

Microsoft in the future says users will be able to upload in-game screen-shots directly to Facebook, it is also possible users will also be able to upload video, as well. Check out the IGN video preview below for complete details on the new features set to launch in the latest Xbox firmware update.