After looking around, my guess is that the problem does occur from using multiple rendertargets, the xbox doesn't somehow like that, see here:
http://msdn.microsoft.com/en-us/library/bb203938%28XNAGameStudio.10%29.aspx
The problem is that MSDN is out of date and the examples in it does no longer work.
I guess this will take a few hours of googleing before I know whats going on.. I'll be back!
EDIT
Here is an image showing the black noise compared to the PC version.
http://www.hlidskjalf.sverok.net/signaler/xbox_noise.jpg