It is the best console out there, although it is showing it's age. With only 512 mb of ram I'm surprised company's are still trying to push for better graphics on the system. Example: Halo Reach trying to make its cutscenes look nice but make it too good looking that it causes the framerate to be choppy. Tack on the fact that it only displays in 720p and upscales to 1080p and you have a console that is good, but not amazing.
I've had 3 Xbox 360's now, and I can't say I really care that much anymore. From late 2006 to late 2009 I played my Xbox 360 non-stop. I thought a keyboard and mouse was evil and I couldn't find enough games that I wanted to play on others systems to warrant buying them. Then in May 2009 I finally got a new PC that I built for gaming and that all changed. In July of 2009 I bought Team Fortress 2 on steam and I never looked back.
I buy almost all my games for PC now. I've even rebought a few games I had on my Xbox 360 on Steam (Mass Effect, Bioshock, Left 4 Dead 1, The orange box). I've got to say I'm a complete PC gamer now. I rarely touch my xbox, and when I do it's only to play a few rounds of MW2 while I wait for my PC to defrag or something. Games like Fallout 3, Oblivion, Halo and Mass Effect play so much better on a keyboard and mouse than they ever did on a console. Probably the biggest example of this was Mass Effect 1 on the Xbox 360. I rented that thing twice trying to get into it but never could because of the odd controls, the clunky interfaces and slow texture loading times. When I rebought it on steam I loved the game, the keyboard and mouse was perfect for that type of game. Sitting here 6 months later, I've beaten both Mass Effect 1 and 2 on PC and plan to buy the third on the day it comes out for PC.