The Xbox 360 is absolutely wonderful.
If you've got a lot of friends that have it, then I really suggest getting it. I would also suggest buying the new slim one, which has a built-in network adapter, so you don't have to buy a separate one for 100+ dollars. That of course depends on if you have a wireless router. I would suggest getting one if you don't have one, so you don't have to mess with wires, especially if you have to hook it up to multiple things.
Anyway, back to the reason to by the new slim one. The wireless adapter, so you only have to spend on Xbox LIVE if you choose to get that and not the separate wireless adapter. It also seems to fail a lot less than the other consoles have. It's got a little red dot that warns you when the console is overheating, so you aren't going to get the red ring from that anymore. Regardless of what many people think, though, the main cause of the red ring was not overheating, but rather a different error. They have also claimed to fix that, by integrating the graphics into the processor. Don't quote me on that, I don't remember exactly what they said.