It's US-only for the moment
As discovered by NeoGAF, Microsoft is handing out a princely $75 in credit to selected Xbox 360 owners when they upgrade to Xbox One. The deal applies to any purchases made in July, and the code must be redeemed by 15th October 2014. It's a US-only deal at the moment.
This is Microsoft's way of saying "thanks for being an Xbox fan", apparently. I'd have plumped for a fruit basket and a foot massage, but I guess times are tight.
You might recall that last year Microsoft ran a deal offering PS3 and Xbox 360 owners $100 to upgrade to an Xbox One. Did anybody here take advantage of that?