@mcmuffin: No, the Xbox 360 version is not region free. However, the PS3 version is. I am pretty sure that all PS3 games are region free, and it's just Blu-Ray discs that are not. For anyone wondering, the original game only had English voice acting, this is probably part of the reason why it sold like shit. However Heroes Paradise has Japanese voice acting as well. This game is clearly meant to be an appealing package all around. I'm slightly worried about the interface but I will probably import this if there is no news of a NA release by April's end.
You should not buy either. You have a 360, and you said you were a 360 fan. You already have an iPod. This leaves you with one obvious option........ resist the urge to buy a new electronic and just buy more games. There are probably plenty of great games that you want and don't have, and more that are coming soon. So buy more games and hell, while you are at it, by a couple movies.
It is Metal Gear Ac!d on the DSi, that is the only thing that makes sense. That power button is universal to every game console, don't think that having a power button makes it an Xbox. That is stupid.