Well let me chime in...
I got mine about 6-7 weeks ago, and its been a lot of fun. I dont have a lot of games, not yet, I like to rent games, see if they are worth the $60. Most are NOT.
The game i LOVE is Call of Duty 2 for the 360, the graphics are amazing and the story line sucks you into the character.
I just have a normal 27" TV hooked up, but i do have surround sound, and that is great. Wish i could afford a HD TV, maybe one day.
Its a very good system, things noted here are some of my favorites:
1. controler control over the power up/down of the system.
2. the wireless controller
3. the headset that plugs into the wireless controller is great
4. you MUST get X-Box LIVE (gold) its like $60/year or something, and its WELL Worth it. Being able to download game demos, chat with friends, and play multi-player games is amazing!
Its not cheap but i have really enjoyed it. But this is just my humble opinion.