With the right amount of fixing, NGII could go from a seriously flawed good game that's in the shadow of NG1 to a better game than NG1. But with Itagaki gone, I dunno if Team Ninja will put the effort it.
So the game will be released early June 2009 to comply with Microsoft's exclusivity contract. I think we'll hear from Tales of Vesperia for the PS3 in a couple of months too. I suspect Namco has delayed the European release of this game to the 2nd half of 2009 in order to release both the PS3 and 360 version at the same time.
I bet Microsoft's big E3 announcement will be MGS4: Existence for the 360 (and PS3 of course). Same thing happened with MGS2. PS2 got the original, but the MGS2: Substance reissue was released for PS2, Xbox and PC. The interesting thing was that Substance was an Xbox exclusive in the US. The PS2 version was released four months later.
Honestly, MGS4:XXX going multiplatform is the best solution for all parties.
(1) The title had a huge budget and a reissue would help add to those sales -- a multiplatform reissue would be even better. If Konami has managed to get Microsoft to commit to marketing dollars that would be best, because Microsoft >>> Sony in marketing.
(2) MGS4 the title itself has a couple of glaring flaws that need fixing, like the ginormous amount of load scenes and lack of polish in some aspects of the game. I would appreciate fixes. Also a director's cut including Kojima's original ending would be naice.
(3) MGO can go to a wider userbase on the 360, but it's inevitably doomed to a slow death if Konami force that Konami-ID shit on their users.
I would be more than happy to have a MGS4:XXX multiplat announced this year.