I've started an open-source parallax scrolling component project on CodePlex to help game developers create repeating scrolling backgrounds for their XNA games. It's still in early stages, but currently includes a 2D camera, layer oscillators, scrolling, and clipping functionality. Check out the XNAParalax Component project on CodePlex and provide feedback!
I previously doubted the possibility of C# on Xbox 360 and a hobbyist homebrew version. I was wrong! Microsoft announced the release of Visual Studio 2005 Express for Xbox 360 content creation on August 30, 2006. The $99/year dev kit allows non-commercial game development and sharing among hobbyists (no network support yet). I'm excited to get an Xbox 360, Xbox Live account, and the developer account! Check out these resources: XNA Team Blog, Microsoft XNA homepage, XNA FAQ, Game Studio, News Report, another Blog Post.