Hopefully Microsoft delivers. But honestly if they feel that a port of a 3 year old game (Monster Hunter Frontier is a port of the PC game right? And apparently Monster Hunter Frontier sold poorly on PC) is going to be one of their big three killer Japanese apps, they have a naive perception of the Japanese market. A completely new Monster Hunter MMO could potentially be a hit but not a port. Final Fantasy XI was also a PC-to-360 MMO port and it didn't exactly light up the charts in Japan. FFXI seemed successful enough on the west (not as much as the PC version though I'm sure.)
Games from Mistwalker, Feel+ and Itagaki's studio would be nice and would benefit Microsoft and Xbox 360 owners in the long-run.