I tried it on the 360, and it seemed to be goofy fun, if a little sloppy.
From all I've read it sounds like the game plays better on the PC. I'm thinking it's probably a bit demanding for the 360 - I'm running it on my gaming laptop, which is more powerful than a 360, and I'm getting the odd bit of slow down and sound hiccups during cut scenes. I haven't had any sense of sloppiness with gameplay, with the 1 exception that during a cart-to-cart jumping sequence in a mine the controls felt a little bit unresponsive for side jumping. Other than that though, the controls have been very smooth.
[Edit] When I get a chance, I'll download the trial on the 360 for a comparison.