Microsoft Silverlight 3 is live, and you can go ahead and update your browsers now over at Microsoft’s Silverlight page. Silverlight 3.0.40624.0 weighs in at 4.7MB, and works with Internet Explorer, Firefox 2 and 3, and Safari 3 and 4. Here’s a look at some of the major new features:

• Media: GPU hardware acceleration, new codec support (H.264, AAC, MPEG-4), raw bitstream Audio/Video API, and improved logging for media analytics
• Graphics: GPU Acceleration and hardware compositing, perspective 3D, bitmap and pixel API, pixel shader effects, and Deep Zoom improvements
• Application development: Deep linking, navigation and SEO, improved text quality, multi-touch support, 60+ controls available, and library caching support
• Data-binding improvements, validation error templates, server data push improvements, binary XML networking support, and multi-tier REST data support

Also, remember that Xbox 360 Instant-on 1080p stuff? That’s all powered by Silverlight 3 as well (yes, Silverlight is coming to your Xbox 360 dashboard.) It’s a solid upgrade, and the installation is pretty much immediate if you are on any sort of respectable broadband connection. Definitely worth a look, and you can bet that Microsoft will be pushing hard for a few big Silverlight exclusives, like they did with the Beijing Olympics.