Their outing for the 360 so far is 'better' than their Xbox outing if you don't consider that Perfect Dark Zero sucked, and Kameo wasn't very good. Viva Pinata is fun, but it didn't have the mass appeal that GoldenEye or Perfect Dark for the 64 did.
I think Nintendo dumped off Rare for good reason. Perhaps they lost some of their top talent, but I don't think they have what it takes to do anything nearly as good as they did with the N64.