You can read up about the history of MLAA here
Essentially this used to be a Cell only thing which is effictively a software based edge smoothing technique which for the last year of so has been making it's way to PC, graphics cards and Xbox 360.
Approximately 7 months ago, the 5 and a half year old console was running about 6% faster than the Cell method.
After some years asking questions here and wasting everyone's time, now we are proud to give something back to the comunity :)
We have developed a very fast implementation of MLAA on the GPU, both for PC and Xbox 360. In PC it runs 11.8x faster than MSAA 8X (0.44ms on a 9800GTX ), and in the Xbox it only requires 3.79ms to perform anti-aliasing on a 720p image. For comparison, the God of War III implementation requires 20ms of a single SPU (4ms using 5 of them).
Upon moving from an XNA development kit to a genuine Xbox 360 development kit the speed has increased dramatically to 3x as fast.
Jimenez's MLAA is running at 1.3ms@720p on the Xbox 360 (XDK build). This deprecates our old XNA's timing of 3.7ms!
You can see it applied as follows in the game Dead Space
Before (No AA)
After (MLAA Xbox 360)
It has been confirmed that this technology will be implemented into Remedy's upcoming Xbox 360 exclusive, which is Alan Wake 2 when it is announced.