The game IS still coming out for 360, but there is
no official release date.
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According to Cryptic, as of January 15th this year:
A 360 version is most definitely still in the works. For various business reasons, I can't reveal much. I will say however, that there's always a lot of "standards" console manufacturers require adherence to, which definitely adds time to the process beyond just making the game work with the hardware. When we've got info worth sharing, trust me you guys will hear about it.
Well, the PC game is now $19.99 and it has been out less then a year, maybe even 6 months. With luke-warm reviews and a selling price of $19.99. I think the game designers are afraid to put forth the capital to make a game that only a few people want to buy.
With the release date just a few days away, I think this game is going to end up like TFOL.