What version of TVersity and post up a screen of your transcode settings. My 360 sees it fine and can stream xvid/mp3/etc but I can't get it to transcode no matter what settings I mess around with. If I go to the status screen it shows it starts to transcode but does not get past 0%. I tried PS3MediaServer and it works but it's pretty limited with the 360 as of now (mainly no ff/rewind, only stereo sound). My PC is a Q6600 with 3 gigs ram and a wired connection so should be plenty fast.