Okay - so I just picked this up for the 360 a few days ago. I got up to level 5 on the first night playing, and it's actually pretty funny, because my kids all gathered around the TV to watch me play, and they stayed there the whole time, until I sent them to bed.
One thing to note, is that I played this a few months ago, right after it came out, for about 3 days straight on my brother-in-law's PS3, and got to level 13, but I avoided playing the storyline, because I knew almost immediately that I would want to play it on my system later, so I'm not completely and totally new.
I really am enjoying replaying it, because A - I have a 50" plasma, and B, I have surround sound, so my apartment shakes when a dragon gets close. When I initially played it, it was on a 20" HD screen, and yeah, it's much more immersive when I can see everything so clearly. I'm still avoiding the storyline, because I read some things on here, and because frankly, I want to just explore for a while before I address the 'DECISION'. Still not sure what I'm going to decide, when the time comes.
One thing I'm curious about, I see multiple entries about how to tell someone something - does it make a difference in their response if you use different ones, or is it just a linear script, pretty much no matter what?
Anyway - having a great time, and it really is entertaining to me that my kids actually like to watch the game. They just about ran out of the room when that first dragon appeared at the watchtower, and started breathing fire at me.