I love my 360, it's a great console and I doubt that Sony is going to be able to compete with it. The one problem that 360 really has is overheating. Not every system has this problem. Microsoft was in such a rush to get the product out that a number of the consoles suffered from overheating problems. By now most of the 360 consoles on the market have been amended of this problem. Just in case i would suggest you find a nice ventilated spot to put your 360. Should you decide to get one. I had one of the first batch consoles and it had a fatal hardware error due to overheating. This is partially my fault for keeping it in a poorly ventilated location. You shouldn't have to worry to much now, but to take extra precausions buy the year long warranty. It's only an extra 20 bucks and will save you the trouble of having to send your system to microsoft for repairs.
Theres a list of xbox games that you can play on the 360 that I'm putting at the bottom of this post. The reason not every game is backwards compatible is because they have to emulate each game on the 360. It's a bit different than just formatting the system to play games for a previous console. Each game must be emulated individually so it takes awhile to add a game on the list.
Heh, trust me you won't be dissapointed if you liked what you read. Some advice, if your playing through the main story, which is optional, take out the gun shop owner in the north plaza of the mall. Do it early on and you'll have a bevy of shotguns and snipers at your disposal.
Yeah i do have a XBOX 360 and i am more than pleased with it. My console has never overheated b/c i bought a cooling system that you hook up to the back of the console that has 3 or 4 fans. You don't need to put batteries in it. It costs only $30 and this is what you definitely need if you don't want your system of overheat. With the games, my god. I have been blown away by how all the graphics look and the game play. I definitely recommend this system over PS3 any day and plus they have alot more games and better games at that.