Yup! And it's also on PC, which is how Erik plays it. I prefer Xbox, though.
It's soooooooo much fun. And you don't have to have played the first game (even though I did last year) because the two stories don't have all that much to do with each other. You don't even play the same character as in the first game. It's awesome though because, like in the Mass Effect games, you can create your own person and interact with people in lots of different ways and the story will change based on your choices. You can even romance most of your party members. :D