So what are the possitives of the 75 degree field of view?
1. increased accuracy in projectile shots (could be helpful for the 360)
2. more detail displayed of items at a distance
3. cramped feeling (your underwater in some creepy place, maybe you should feel uncomfortable)
4. enemies feel like they are on top of you when they get close, super scary!
5. less information on the screen to render at once, so you can incude more detailed models. (also helpful to the 360)

that's about all I could come up with.