For anyone considering getting a 360, I would wait if I were you, simply because the dreaded ring of death.
BBC does a special report on the 360 failures, definitely worth the time to read/watch these.
http://www.gamesindustry.biz/content_page.php?aid=22725
Clip from the show.
http://www.youtube.com/watch?v=56-gQq62Hyc