Hello guys,
I already have a PS3 and I'm looking into getting an additional gaming console for the family.

Xbox 360:
Halo, Gears of War, Fable series, Alan wake and other exclusives
Kinect with Dance central, kinect adventures and related games
Its pricey. Getting the system of 320 Gb with a kinect would cost ~670 USD. I won't be getting into the piracy thing. I'll be getting the console unmodded without the hassle of connecting a modded Xbox 360 to the internet.

2 questions:
Is it worth it?
What are the online features available on Xbox live if I use a UK account in Lebanon?

I won't be waiting for next gen. Their first year of release is usually crappy with mediocore games and usually one system seller at best.
It isn't worth it at that price; try buying it abroad

As for what you can do with a UK account not much at all.

With a gold account you'll get twitter, facebook last.fm, and online gaming essentially.

Other than that nothing - netflix won't load, neither hulu or anything else - although you used an UK email still XBL isn't esaily fooled - it will recognize our Lebanese IP's and restrict those things

Don't buy it at this outrages price.

It really isn't a matter of worth modding it or not, the console is really expensive, and kinect has little to no good games

Try getting it from the US somehow, it will be around 400$. That's my advice to you.
Thanks man for the advice. Much appreciated.