PlanetXbox 360 has a nice
summary of
what you will and won't be able to do with your GamerTag in the
upcoming Xbox Live for the 360. In short, you'll be able to
change your GamerTag but all of the associated data will go with the
name (friends list, feedback, rankings, etc) will go with you and all
of the people on your friends list will be notified of the
change. Certainly nice to have that kind of flexibility in the
system but I hope that there are some limits on it as I don't want to
be deluged with a notifications every time John has an identity crisis.