It sort of is. Bayonetta is absolutely fantastic and I've sunk hundreds of hours into it. If you buy it second hand and sell it when you're done you shouldn't end up too far out of pocket.
Favourite games this gen are Bayonetta and Rock Band 3 but that isn't terribly useful. I'd say Arkham City and Human Revolution come next.
You should be aware that Bayonetta is stupidly easy to win, you get infinite continues with regular checkpoints and spamming the simplest combo will get you past anything after a fashion. However the score you get at the end makes it extremely clear that isn't good enough so you're encouraged to replay it to get a better ranking. If you aren't that kind of person Bayonetta makes you that kind of person but if you resist it then you won't get anything from the game.
Actually there are a few other games the 360 might get you access to that are well worthwhile. Guardian Heroes, Fez, Radiant Silvergun, Shadow Complex and Rez HD. All XBLA but all excellent.
You might also consider getting a WiiU, that's bound to have a ton of good exclusives that bring the per game cost a lot better than the 360, it already has Rayman Legends, Bayonetta 2 and The Magnificent 101.
