Yes. I use one for my console games. No console outputs more than 60 frames per second, so you don't need anything above that for console gaming. This is a 60Hz monitor. 60Hz=60 frames per second. Colors are good due to the IPS panel, and gaming is better due to the 2ms response time. Overall a very solid monitor for the price. If you want a step up from this, expect to pay AT LEAST $300.
Could be good for xbox360, It looks really nice with PC games. However, this monitor model has a lot of bleed through around the edges. You only notice the bleeding when the screen is black, which is very rare in games.