Unquestionably: YES
This is the console that created universal achievement points, facilitated easily accessible online play, made wireless remotes standard, ushered in the HD era, promoted the first mass market consciousness of indie gaming scene, and sold ridiculously well.
It also played host to interesting new franchises (Mass Effect, Skate, Portal, Gears of War, Viva Pinata, Forza Horizon, Pinball FX, Dead Space, Left 4 Dead, Batman: Arkham, Modern Warfare, Rock Band, Darksiders, Skylanders, Dark Souls, Bioshock, Assassin's Creed, Alan Wake, Destiny, Walking Dead), franchise reinventions (Tomb Raider, Mortal Kombat, Fallout, Street Fighter, Far Cry, Driver, You Don't Know Jack, Civilization, Deus Ex, Xcom, Max Payne, and Grand Theft Auto), and interesting one-offs (1 vs. 100, Shadow Complex, Iron Brigade, Saboteur, Mark of the Ninja, Mirror's Edge, Enslaved, Limbo, Kinect Party, Kingdom of Amalur, etc.)
I've been gaming since the 2600, and it's my favorite console experience of all time.