You guys act like owning a console and a pc is a crime. You know, you can own both and not worry about what people think.
Im not missing out, I can tell you that.
You can do many things on a Xbox. Run linux, intall a modchip, save games to your hard-drive, mod games (Halo, Halo 2), and create new maps for games.
And yes, they do upgrade games. Xbox Live has downloadable content. They do release patches everyone once and a while, and give you new levels, and any other content the publisher wants to.
Im not saying Xbox is better then a PC (cause its not) but that is no reason to call it gay. Stop worrying about what people think.