New Xbox Update

[Kaden]

Plus I only have about 8gb of free space, don't know how much it would take to install a game, or how long it takes either.

It's definitely worth it to install games. Space isn't too big of an issue, since you can delete the game files once you're done with the game. The longest install I've seen on the PS3 was about eight minutes (ok... MGS4 was probably longer, but it's an outlier) and you'll save more time than that with the faster loading.