I have heard there might be different bundles later on (including a version of the console with a bigger hard drive and a second controller already bundled), but for intital launch probably just a basic console with one controller.
Launch titles:
# Amped 3 (2K Games)
# Call of Duty 2 (Activision)
# Condemned (Sega)
# Dead Or Alive 4 (Tecmo)
# Elder Scrolls IV: Oblivion (Bethesda)
# Final Fantasy XI (Microsoft)
# Full Auto (Sega)
# Ghost Recon: Advanced Warfighter (Ubisoft)
# Gun (Activision)
# Kameo: Elements of Power (Microsoft)
# Madden NFL 06 (EA)
# NBA 2K6 (2K Games)
# NHL 2K6 (2K Games)
# The Outfit (THQ)
# Perfect Dark LE (Microsoft)
# Project Gotham Racing 3 (Microsoft)
# Quake 4 (Activision)
# Ridge Racer 6 (Namco)
# Saints Row (THQ)
# Tony Hawk's American Wasteland (Activision)
# Top Spin 2 (2K Games)
The following week after release:
* Burnout Revenge
* FIFA Soccer 06
* Peter Jackson's King Kong
* NBA Live 06
* Need For Speed Most Wanted
* Tiger Woods PGA Tour 06
That's all that is known for now. And if you didn't hear, rumored launch date is November 4th.