Download the demo and give it a shot on PC before you decide to wait for the Xbox version. I tried playing with my controller and it's a significant handicap. Maybe if they cut it down to 4 elements so you could have spells mapped to buttons instead (or 6 with a fightpad). It's important to be able to cast long strings of elements for some of the harder more powerful spells very quickly -- talking 8 key strokes followed by spacebar. Checkout Vortex for example: RQSRQERQ Space -- you need to be able to do that fast. This is almost a fighting combo game at harder difficulties.
Love this game -- best small title in a while. I do need to figure out a better way to deal with the archers. My current strategy is to cast a shield, haste on myself, then run up and drop mines on them. I was able to play a few hours of multiplayer on launch night by just inviting everyone via. Steam itself. The game has some chop to it in singleplayer, but other than that it's great. It supports eyefinity out of the box as well - 6048x1080 works perfectly! The HUD is 1/2 way onto the side screens, but that actually works great for this type of game.
Love the game -- playing in a world I host on my old ubuntu box with 4 friends. SMP made a huge difference. I cannot wait for a stable API to mod on -- the latest patches broke everything and warps were really nice to have.