All I can say is WOW-FRICKIN-WOW, whatever that means.
Was in a GameStop in Issaquah last night, and they had an Xbox 360 up and running with someone playing Call of Duty 2. Unbelievable graphics, although the gameplay looked a little suspect. I imagine like with all consoles it will take a little time to get the feel "right" (granted Halo was an exception with the original XBox).
My previous stance with the 360 was to wait until the price drops next Christmas and pick one up. Now I'm not so sure =)