This is probably old, but someone made a comment in another thread that they didn't think it could be done, so I thought I'd clarify with an actual link.
http://ps3.ign.com/articles/902/902836p1.html
"According to an interview with Eurogamer, Hideo Kojima himself noted that MGS4 probably isn't possible to be made on the 360 because of the optimization for the PS3, physical media differences between Blu-ray and DVD and technology issues. However, he did mention that technological issues might not be a problem farther along in the future. "If the hardware technology rises then obviously, you know, [my future games] won't be based on the hardware anymore."
Obviously this means that if the 360 gets a bluray add-on in the future, this will no longer be an issue (Which brings up the point that your 360 is likely going to cost you as much as a PS3 in the long run anyway.) But it pretty much proves by voice of the developer that it really isn't possible in current circumstances.
Interestingly, Hideo makes the comment that he might make the next game on the PC.
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