My friend richard is the art director and co-founder of Splash, I went to college with him ! Anyway, I was chatting with him online yesturday and he told me that : They have only begun investigating the idea of working with the 360, but two factors hold them back at the mo... 1) Their whole team is full time on getting this project done. 2) Their tech is focused on Open GL, and RnD for crossing over to DX, would have to wait untill later this year....
However, Once this game goes huge, there is going to be some serious money to throw at those issues, and you can expect rapid progress being made towards the direction of console dev in towards the end of the year.
Bottom line is: there not even really thinking too much about it at the mo, they are flat out on this 110%....