Does Mojang plan to update the XBOX version of Minecraft? Can we expect to see all the features in the PC/Mac version to appear on the XBOX version someday?
closed as off topic by murgatroid99, Ronan Forman, JohnoBoy, Jupotter, Blem May 14 '12 at 14:28
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See Xbox 360 Edition.
The company responsible for the port is 4JStudios, and so I imagine its entirely up to them how much of the functionality that they choose to port and how frequently they choose to update it, however the Wiki does state that "Updates will be free of charge" (which implies that it will at some point be updated free of charge with new Minecraft features).
The "Gameplay" section fairly concisely lists the current gameplay differences, most notably I imagine that some of the intended differences (such as the difference in the crafting system and in the UI) will mean that some features of the PC version of Minecraft obviously won't make much sense in the XBox version.