You have access to everything online except for multiplayer. You can download demos and videos for free, you just need to sign up for a silver account, which is free. The gold account allows the multiplayer. If you can't live without online multiplayer, and you refuse to pay 50 bucks a year, don't bother with the 360.
Threads of Interest:
The Movie Thread: http://www.vgchartz.com/forum/thread.php?id=6880
The Crow Eating Thread: http://www.vgchartz.com/forum/thread.php?start=0&id=3886
The Betting Thread: http://www.vgchartz.com/forum/thread.php?start=0&id=7104
Custom GIFs Thread: http://www.vgchartz.com/forum/thread.php?id=18963
The Greatest Game Ever Conceived On Any Platform
Tag: "I have tasted Obi-Wan's bitter tears"