i did the same thing vin. i bought my 360 and let it sit on my table for a few days while spending time with both my friends 360's and ps3's. forza is just sooooo clean. the loading times are a bit exaggerated but they slim down if you upload it to the harddrive.
xbox's online you have to pay for...if you get a year card its like 50 bucks, if you drop a 20 you get a 3 month card...either way its a drop in the bucket for such a cool experience. if you have netflix, thats available as well...ive also seen people check facebook, twitter and all that social garbage from it too.
someone might have forgot it too but....left 4 dead 2 is awesome awesome game....especially if you like co-op. Borderlands has gotten a good rep too.
the detail in forza is crazy though...my friend recreated his ss with ease in the game....right down to his correct license plate. insane stuff.