I tryed that thing on xbox360, not 500hz mouse feeling, buts its playable :)
btw in xbox its like cheating, you can't use it (becoz will get ban) in global/internet gaming!
i was a bit unsure about console fps' at first but theres some great console fps exclusives that ive enjoyed such as halo 3, killzone 2 and resistance 2. controls do take a bit of getting used to after 13+ years of pc fps though.