It's pretty nice. I bought it last night. Only downside I see is not being able to mod it up like the PC. It's extremely intuitive from what I've seen. They've gone above and beyond making it work with the 360. Crafting is a lot less tedious also. For 1600 MS ($20.00, cheaper if you find a deal) It's not bad.
Most of the reviews I've seen online have been pretty positive. It's pulling an 82 out of 100 on metacritic.com. I have a couple people on my friends list, who have been playing it, and they really like it. Those couple people have said they enjoy it just as much as the PC version. I still haven't tried it myself though.