The actual number of polys is rather meaningless. It's what you do with them that counts.
The Xbox's GPU is insanely fast at drawing zillions of polygons. Most often, framerates drop due to bottlenecks in the CPU. For example, using BasicEffect is pretty inefficient for drawing many copies of the same model, since it sets renderstates each time you draw it. If you have many of the same model look into mesh instancing.
There are several threads on this already,
here's one I found at the top of a search.
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