By invite only, from what we hear
Even with time being tight for Microsoft to make the rumored November 25th date for the new Xbox 360 Dashboard update, the company apparently is going to have a beta test after all. However, they are not accepting applications at this time.
From the whispers that we are hearing, the public beta will be by invitation only, and the people that will be invited are those that have previously beta tested for Microsoft. We suspect that many of the folks that were in the last beta will be invited to be in this one, as well.
As for when the beta will start, that seems to be up for debate. Several of our sources think it could be as early as next week, but we think that it will be before the end of this month.