Microsoft Movies & TV is the current name for Microsoft's TV and movie renting/purchasing service (previously being called Xbox Video, Zune Video, and Xbox Live Marketplace). Microsoft Movies & TV allows you to watch the latest movies and TV shows on your Microsoft devices and web browser. Like iTunes, Google Play, and the Playstation Store, certain TV show episodes are available to watch the day after their broadcast.
You will need a Microsoft device such as an Xbox, Windows PC, or Windows Phone to watch the content. Also note that the web viewer requires the Silverlight plugin.
Pricing is in-line with other similar services, costing about $5.99 to rent a new release movie, and $2.99-$3.49 for the latest TV episodes in HD.