Game Room itself will be a free download and you'll be able to customize your space with decorations, themes and animated icons. The part that will cost you money is with the arcade units you'll be buying to fill up the Game Room space. Game Room will work on either the PC or Xbox 360 and you can buy games so that you can play them on either platform at any time. You'll also have the choice of buying arcade games tied to one platform at a lower price. Or for 40 Microsoft Points ($0.50), you'll be able to play an arcade game until you die, just like a real arcade cabinet. Otherwise, purchasing an arcade title will run you from 240 to 400 Microsoft Points.
Each arcade title will have Achievements and universal leaderboards. Game Room is really about the social aspect, as it should be, and you'll be able to send challenges to your friends and visit your friend's Game Room where you can demo their games for free.
Game Room will be released this Spring for the PC and Xbox 360. Hit the break to see the list of the first 30 games, of the 1,000 planned, coming out at launch.
List via GiantBomb: