I want to second this, as I was going to make a thread on it myself (beaten!).
For usability, I would suggest that these scrolling choice boxes need to at least have drop-downs when there are more than 2-3 choices in the list. While this kind of scrolling solution makes a lot of sense on consoles, I think drop-down menus are more helpful when you have access to a mouse since:
A. Having a drop down clearly shows you all the choices that are available, letting you make a smarter selection without having to scroll through all options just to see if there's a better one arounf the corner.
B. Having a drop down allows you to immediately select the choice you want, often as soon as the menu is opened.