Had to type this twice because my phone decided to delete it mid paragraph.
The ps3 already had mandatory installs, and while they could take up to 12 minutes, it was never really a problem, put it in let the game install, and go get a snack. You could increase the speed by getting a faster HDD, although that's not possible on the 360.
As for the games, they chose a multiplat as their key game. Bit stupid.
Some negative notes about the new Xbox:
Reportedly requires you to be online once every 24 hours.
You have to pay Microsoft to play used games.
You have to have a kinect at all times.
Live TV won't be available outside the US at launch.
Note the PS4 is technically stronger as it has GDDR5 memory instead of the GDDR3 Xbox has. But the new Xbox will apparently be able to push game calculations to the cloud.
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