I don't own a Xbox 360 but my sisters boyfriend has one and I've watched him play and I've used my cousins. At about 500 a pop for one of those it's still a bit steep for me I'm sticking with the old PS2 for now.
So far some of the really good points as far as this console goes is the fact it comes with a hard drive I believe the one I used was a 60G. You can store things on it which is always nice it's like having a computer hooked up to a tv. You can hook up to your internet and play games online with others also. The game selection for this system is amazing who doesn't love Halo, Half Life 2, Portal, Bioshock, Mass Effect and Assasans Creed?
The graphics are killer also. Very life like and smooth movements. Unlike some of those old Playstation games you don't go running through solid walls all the time. The sound is actually really good as well very crisp and clear on any tv.
As always pros come with cons. The ever looming red ring of death is always at the back of everyones mind. Unless you want to fix this problem yourself before this happens to you but I'd suggest to be knowledgeable of opening systems first and knowing what you're doing. The controller is crazy I found it hard to use too many buttons for me. I was expecting like a PS2 controller but it's Microsoft not Sony.
Last but not least the hefty price tag. It's great if you can afford to go and blow your money on one or even better if someone gifts it to you but I don't know many people who are going to get a pay check and run out and buy one straight away. Other then those things it's a good system and I'd say worth the money.