My roommate got a 360 for Christmas and we've been playing it a little bit. He bought GoW, Oblivion and Saints Row. We haven't touched Oblivion yet and as far as GoW goes, I was pretty disappointed. Sure it looks nice in HD but the gameplay seemed pretty lacking. We only played CO-OP so maybe single player campaign or Live is where the fun is but I don't really feel like playing it. Saints Row on the other hand is a n absolute blast, it's like GTA on steroids and is actually more fun to play than GTA. That's pretty much all I've been playing with some rentals thrown in (GRAW, PGR3, etc).
I have to say though, 360 is an amazing system. If you get Live, it's a total package of what entertainment and gaming should be.
"That's the reason my FFL team name is TrentGreenLeadBlock. When you see this mother****er coming around the corner on a block, put your children to bed and batten down the hatch on your girl's snatch, because the same power that destroys defenders can scar the minds of the youth and simultaneously impregnate any woman within sight, live or on television."