I've played through Normal and Nightmare on the Xbox 360 thus far. I logged the vast majority of my time on PC before Paragon Levels were introduced, so I'm not in touch with the current state of the game on PC.
I was skeptical about playing the game on console. I thought that after playing a little over 100 hours on PC that it wouldn't be able to hold my interest. For now, it seems I was wrong. I'm really enjoying the Diablo III console experience.
The buffed drops are making it much more enjoyable. I don't know for sure how many Legendary drops I've had total, maybe 20-30 if I had to guess, but I know that I've had them dropped within minutes of each other a few times. This is playing with very little magic find, usually under 20%. I found fewer Legendary items on PC in all of my time played, probably less than 10 total, and most weren't worth keeping. I completely understand why that's the case, AH and all, but it really serves as a great example of how mega buffed drops are on console. Crafting armor, and some weapons in the earlier levels, is useful and helped me fill in the gaps where I didn't have great gear from drops.
For me, Legendary drop frequency seems to make all the difference in the world. When I see an Orange beam of light pop up on my screen, I get excited. I intend to play through Inferno completely at the very least. Venturing further into Paragon Levels is a possibility. I'm sure it will depend on how exciting the drops are while grinding Inferno.
I haven't had a chance to try it, but I'd imagine local co-op would be an absolute blast. If you're on the fence about D3 on console, give it a shot!