From what I have heard, current 360 games are a bit underwhelming. There is no "killer app" out for it yet.
Gears of War is slated for Q4 2006. And Halo 3 is sometime in 2007. I'm going to wait for those two before I pass judgement. The system has a lot of potential -- especially with the excellent job they did with the controller. I think I'm going to pick up a controller for use on my
PC because they're just so darn comfortable.