Is multi-threading a common thing now?
No, most games use singlethreading or split some secondary things into another thread (graphics, sound, network, etc). True multithreading is hard as hell to write for selftaught coders like those you find in the games industry.
Does MS have a grudge against C/C++? I thought those were more universal...
I think they won't allow much direct hardware access and will force you to go through the firmware for saving and stuff. Sure, they could adjust the base stuff in their XDK compiler but why would they want to if they could force you to write code that's harder to port to Linux or OSX?
Does this mean have 720p as minimum, just like they said before?
Yep, every game must support at least that resolution. I hope they'll allow for 4:3 output, I'd hate to waste those pixels with stupid black bars that are just a relic of the construction troubles with cinema screens.