Speaking to OXM about the future of Minecraft: Xbox 360 Edition, 4J Studios' Paddy Burns said that the team is "working with Daniel Kaplan at Mojang to define what is going in to the Xbox version, but the aim is to include as many of the PC features that make sense on the Xbox as possible."
The first update is said to get the game up to version 1.7.3, but that's only the beginning. 4J is looking to eventually bring the so-called Adventure Update content to Xbox 360 players. This was the one that included Creative mode, Endermen, expanded combat mechanics, and a whole lot more.
Having not touched the Xbox 360 Edition yet, I feel like the odd man out. It's the second most-played game on the console right now. That shouldn't be surprising, but after looking at the titles Minecraft surpassed to get there, I don't know how else to react.