We know that the Kinect-compatible version of Minecraft for Xbox 360 will be an Xbox Live Arcade title, which should be a good indicator for how much it'll eventually cost when it hits this holiday.
It's now been divulged that 4J Studios is the company behind the game. That's the same team who did an amazing job porting the Banjo-Kazooie games to XBLA, among other things. I feel better about this project already, knowing they're doing it.
I'm incredibly curious to see how much of the ever-expanding PC version makes it into this Xbox 360 release. I mean, it could be totally bare bones and people would still eat it up. Should be interesting.