Ghosting would be trails left when the image can't change colours quickly enough, so no, technically speaking that's not ghosting. That's more like an echo.
I would guess that's something to do with the VGA cable, maybe picking up some interference (maybe even from itself). Is that the official MS 360 VGA cable? Unfortunately the last few feet of the cable isn't shielded.
Try straightenning out the cable, and check it's not wound round any power cables. FWIW I haven't seen anything like that on my 360 connected to my 2007WFP in 1280*768 with the official MS VGA cable.