I picked up Medal of Honor for the Xbox 360 today and played through the first few levels on the single-player campaign. I have not played multiplayer yet. The game is good, but I have to say I'm a bit disappointed. My biggest gripe is that there are some serious audio glitches when there is a lot of action on the screen. The sound just drops out for fractions of a second, which is very noticeable and distracting. The drops have been most noticeable so far when using the PKM machine gun. I'm using headphones, so the effect is probably amplified for me, but it still shouldn't happen. My in-game audio "Speaker Type" is set to "Headphones."
In addition, movement of the enemy vehicles and soldiers can be a bit stiff, sometimes making angular turns instead of smooth movements. You also seem to be able to "play ahead" of the audio. By that I mean you can kill an enemy or move to a position before the game's script gets there and the audio prompt (e.g., "tango at 12 o'clock") will still play. That's small, but it's something I noticed.
On the good side, the graphics are pretty good, and I like the way you can shoot through holes in buildings or other cover to take out enemies. Your squadmates are particularly good at clearing enemies on their own too, which helps. So far, I like the feel of the game, the focus on working as a squad. I'll give the multiplayer a try this weekend. If DICE did that as well as it did Battlefield Bad Company 2, there should be no issues.
UPDATE: added in-game audio settings