yeah. it's on my xbox too but because my xbox was never online (no ethernet to my living room, and too cheap to buy the wireless adapter) it didn't serve much purpose to me.
now that i have it for my media center pc, i get it. it's awesome for managing tons of video files and monitoring folders. I even see how it works over the network.
i do see some probs with it that aren't as good as the xbox version. like, when i pause it, get something to drink and come back, the video is jumpy and pixely (not a word, i know) when I unpause it. not sure why. maybe the newest alpha fixes that. i'll try it soon.