Definitely a no go on the xbox. Valve and MS dont play nice... never have. Patch authentication takes forever between them, and the game is fundamentally broken online right now for a majority of players I have talked to.
I gave the trial a full 45 minutes of my life, and the game not once put me in a lag free match. The real problem I feel, is not the "netcode" but rather the shitty matchmaking. Your only options for finding a match, are quick match, and "custom" which just gives you the option of picking a mode. Funny thing is that they probably KNEW it, because they just happened to leave ping off the scoreboard on the 360. There is in effect, no way to check your connection to a given server.
I have heard many times today "I wouldn't want to sift through a server list anyway".. but those have filters for a reason. That said, it is a gem on the pc, and the matchmaking there... PING WISE.... is brilliant. SKILL wise however, matchmaking is nonexistent on either platform. You are likely to be eaten by a Grue.
And yes, the game IS locked in @ 30fps on the 360. If you don't know, that sucks.