My Xbox Live available on the App Store

Xbox owners with iPhones or iPads, rejoice! Microsoft has added a brand new app called My Xbox Live to the App Store today. The free app takes your Xbox Live experience portable, letting you connect with friends, update your Avatar, and even browse through the games hub all directly from the App.

The app is a 17 MB download and is universal for the iPhone, iPod touch and iPad. It requires iOS 4.3 or later. It also needs (of course) an Xbox LIVE membership, and you'll have to know the Windows Live ID associated with your Xbox account.

If you've updated your Xbox this week already with the new dashboard, you'll know that you have to approve some brand new Terms of Service to sign in to Xbox Live, so you'll have to approve those to use this app as well. Our friends at Joystiq have found that the ToS might prevent class action lawsuits, so click at your own risk.

Although the app works over 3G, Microsoft suggests a Wi-Fi connection for best performance. Check out some screen grabs of the app in action in the gallery below.