I did for a while, but gave up on it. I've bought a lot of games for 360 but pretty much play none of them except SF4 a little bit and 3S a lot. 3S looks and plays better on CRT anyway so I end up just leaving my 360 connected to my CRT. only my computer is hooked up to my monitor now.
but anyway yeah I can see where there'd be a need for that. my room is relatively small and my futon is close to my computer so my 22" monitor works out as a do everything station. most people I know seem to have the TV and the computer as separate spaces (often in separate rooms) though so it makes sense that a game console would fill that need.
I wonder if at some point people are just going to connect their phones to their 40" HDTVs and that'll serve the same purpose.
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http://www.youtube.com/watch?v=npHDxSvwCE0