FortressCraft is an episodic series by Projector Games coming soon to Xbox 360 via the Indie channel. And yes, it does look quite similar to Minecraft. (Be sure to turn down the volume on the video, by the way.)
This first chapter, which focuses on creation and multiplayer, will be a $1 release. Apparently, you can get up to 31 players together at once. I'm trying not to judge the game too much on screenshots and a video or two, because even though it looks decidedly similar to Minecraft, that's not where the genre started.
No, I'm more worried about its execution rather than how it's presented. From where I'm standing, FortressCraft doesn't appear to do much, if anything, better -- or different -- than Minecraft. Merely existing on a console isn't enough, for me. At least the price is right.