I agree with a lot of people here about the Xbox 360 being a pretty huge disappointment, especially coming off the original Xbox which was a decent system. As it stands now, the 360 is easily the weakest platform by far of the three consoles on the market, and is basically a "me too" console with little noteworthy exclusives worth caring about. Microsoft is laying off devs left and right and doesn't really care about investing into proven developers and letting them create rich, unique experiences. Instead, we get yearly (or every other year if we're lucky) Rare titles whose only value is that of entertainment when we realize what the game actually is rather than what it could be. Makes for a good laugh.
If I were to place the 360, it would be nowhere near a top 10 consoles of all time list. Even ignoring the RROD issues that are simply outrageous to this day and completely unacceptable, the system just lacks an identity in terms of exclusive content. Sure, they have Halo and Gears, but everything else is pretty uneventful at best.
It also doesn't help that Live is vastly overrated and Microsoft's fees will cost you hundreds of dollars over time for something that has been free on PCs for years (and is free on other rival consoles). And then we can get into the peripheral rape that Microsoft does to consumers by not offering a more open platform with more standard features.
It's a low class console, for sure. Cheap enough to get you Modern Warfare 2 for the low cost of $199 (or $99 if you got one of the firesale deals recently), but you'll end up regretting going the cheaper route over time when you realize the system doesn't have wifi, a standard hard drive, you have to pay for Xbox Live, your system breaks down constantly, and your exclusives aren't anywhere in the same galaxy as the competition.
If I could go back in the past and tell myself not to pick up a 360 at launch, I'd totally do it. The system hasn't really been worth owning for the 4 years I've had it outside of a few choice game launches.
