I just got this today against my better judgement. The lure of an official H.P. Lovecraft game was just too powerful. I have it for PC, since I have no Xbox.
I've got to say this is one of the most polished games I've ever played. Yes, it is a more or less straight port, the controls and the files show this (controls are pretty optimized for an Xbox controller but work just fine with the smallest amount of tweaking) there are higher resolutions, up to 1600x1200. I haven't really tried any of them though because my computer sucks at the moment.
It's a beautiful game though. Easily the scariest thing I've ever played, and I've played a lot. Some of the parts actually made me nauseous, and these weren't the gameplay parts, but the journal entries and written tidbits. When playing it though, there's just a general sense of unease and dread. I'm not sure exactly how they pulled it off, but the developers totally nailed the whole universe. The entire game has a very organic feel, even if some of the graphics aren't the greatest, but they're good mind you, prettier than most the stuff I'd played recently.
Man, I'm just kind of rambling. The point is, it's a very good game, and you're seriously missing out if you don't get it. No bugs so far, at all. Troika could learn a lot from whoever finished this.