Is the 360 different than the PC version regarding encumbrance?
I'm sure they're the same across all three.
On PS3:
1) You can run until you get over your max carry number (keep in mind it could be 0.1 over all that will show will be 350/350 etc).
2) You can always move regardless how far you are over your max.
3) You cannot Fast Travel on foot if you are overencumbered.
4) You can ride a horse at trotting/sprinting speed when overencumbered.
5) You can Fast Travel on a horse when overencumbered.
6) You move a little more quickly when overencumbered if you have an arrow nocked and drawn. (Unless this was fixed in 1.4 - I don't know if I've tried it post-1.4
AFAIK there is no overlimit at which you point you stop moving or can't Fast Travel while on a horse, but I've never gone like 2100/350.

Even barrels are okay fore a few days. I have heard of many people losing things in a barrel they thought were safe, especially at the College of Winterhold.
A few days is probably OK because they reset every 30 ingame days if you're out of the cell. I just avoid them altogether to stay out of the habit.

I'll use containers in dungeons for back-and-forth trips, but I won't leave stuff in them for long periods of time.
