The graphics were not very good on the Xbox 360, but I can't hold that against it since it is meant to be played on the next generation machines.
The story was excellent. It can be a bit tedious to get into but once you are it will suck away your life for at least 80 hours and easily a lot more if you increase the difficulty and take your time.
I now count this as one of my favorite games of all time tied only with Knights of the Old Republic and Europa Universalis IV.