Probably it is a little of both. Namco knew that MS would be interested in Japan based games for the X360, so they made some kind of deal. But Namco also knows that it is sometimes better to release a game on a platform that has not the biggest userbase, especially if it's a new franchise in an old genre.
Just look at the sales for the Tales games, one of the best selling games was Symphonia that came out for the Cube. Granted, the Cube did not have such a small userbase in Japan as the 360 has, but it goes into the same direction: No competition and a fanbase that will love you for this.
I think that a lot of 360 owners will call ES the best RPG ever, and they will scream for a sequel. If it came out on the PS2 or the DS, people probably would have underrated it because it offers nothing new.
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