If AG doesn't affect running speed, it doesn't matter at all. For me at least. I go either at full speed or i sneak (sneaking speed is lower than walking speed and anything that affects walking speed will not likely affect sneaking speed, right? Especially if it doesn't affect running speed either). Besides... walking on 360 involves pushing the stick only slightly, something i won't bother doing unless i sneak (since full speed=runnng=sneak penalty without a perk) or i need precision placement.
According to the game guide, it affects your movement speed, but the effect is very slight. There is also a Perk - Travel Light - that grants you +10% movement speed if you're wearing Light or no armor.