My buy list is
Halo 3
Gears of War 1/2
Lost Planet: the new w/e it's called edition with extras
Fable 2 - when it comes out
Mass Effect
Call of Duty 4
Eternal Sonata
Lost Odyssey
The Sonic game - possibly...
I also want someone who actually OWNS a 360 and Oblivion to tell me how the framerate is.
Now I just can't decide on the Deluxe/20gb hdd version or the Elite
Not trying to sound elitist, but I think I'm one of the more knowledgeable authorities on the Xbox on these forums (someone please correct me if I'm mistaken).
As far as the buy list goes, The Sonic game (the first) was pretty terrible. And I would suggest to try out the demo of Lost Planet before you buy it.
Don't buy Xbox Live with the console, there is a free month *3 (free month three times for each new account) built into the system.
The marketplace allows you to download demos and some other items for free, but everything else is bought with "Microsoft Points" (eight cents to a point I believe, and points are non-refundable).
As per which console to get, I would suggest the Elite, as you'll be regretting the 20gb hard drive on the Pro down the line.
EDIT: As a note on RRoD. When my 360 is playing COD4 (another game to buy ;)) for 5 hours or more, I notice freezing that locks it up for about 10-15 seconds. The freezing will occur every 20-30 minutes. I've had the console for a year, and that's the only problem I've ever noticed.