No. I bought it on PS3 and regret it after patch 1.2. It lags, it bugs, it crashes, it also got file corrupted and I lost 74-75 hours of gameplay, both my auto-saves and my manual save are all gone. I wouldn't recommend the Xbox version either or the PC one. Right now, I'd recommend you to wait a few months until they fix this messy game.
I play it on the PC and couldn't disagree more - I have had a lot less crashes then Morrowind, in fact nothing in particular has interfered with playing my game and having loads of fun. (and I have been playing it alot)
The friends I have who are playing it are 360-ers and they haven't reported any serious issues and have been playing about as much as I have.