It's all part of the Microsoft gaming experience
As far as I know PS3 (Spit!) tried it but I believe it's naff.
Of course PC gaming enables you to do all that but it's not inthe same sort of environment, on the PC so many people run hacks/cracks.patches etc that it's harder to find an evenly matched game. Anyone doing it on XBL can be reported & kicked off ISTR.