I don't have any issues with the UI itself, but the controls on the 360 are a little strange though. I agree with the OP - being able to use right trigger to "shift" and toggle a separate set of hotkeys would have been grand. That and RB to open containers instead of LB (or at least an option to toggle).
Camera options would have been nice too. I like the over-the-shoulder view when holding LT, I would have liked to set this as a permanent view.
A few other little things like being able to read a book without picking it up, or once you read a book, it would put you back in the inventory ON the same book you read so you can destroy it.
These are relatively minor things, other than that, I'm enjoying the game on the 360 and the interface, although a little different, works well enough for the game.