Thats a really hard question to answer for someone else. Most of us here, i would guess, would say play it. Heck, we arnt around an EQ2 forum because we hate the game. Most of us like it ;p
The game, including all expansions(if you buy the EOF pack) is around $30 if i remember. A 360 is alot more, and then you will have to buy games on top of that.
360 is a good system with many good games, if you can afford to keep buying them.
Eq2, is 30-40 bucks for the game, then $15/month.
I guess it all depends on what you want out of gaming.