The March 26 agreement "is the continuation of a nearly 30-year business relationship between Microsoft and Dell to deliver world-class technologies to consumers," according to Microsoft's press release.
Dell is selling the Chromebook 11, as well as several Android-based tablets.
As far as what "on consideration to Dell for a license for Xbox gaming consoles" means, Microsoft officials said they are not commenting beyond what is in the press release. I hear this does not mean Dell might be manufacturing and selling Xbox consoles. Instead, I think that phrase means that Microsoft is or may be licensing some unnamed intellectual property from Dell that it uses in Xbox consoles.