All you need to know is Visual3d.net, I've been following this project for over a year now. They have some incredible talent on board. Thanks to XNA you can develop for PC and Xbox360 at the same time.

Use Visual3D.NET's runtime design toolset to script interactive worlds using the most widely used programming languages including:

* C#
* Visual Basic
* C++
* Java (J#)
* JavaScript
* Python
* and Visual Script Diagrams