The Xbox version is good in it's own right and is actually fun to play.
Although it should not be compared to the PC version, because it will never be what the PC version is. Controls are far worse and things take ages to build, since you don't have the precision of a mouse and keyboard. There are no mods, nor will there ever be.........there is no plugins or server mods, nor will there ever be. There is a cap of 8 players local-hosting, with no dedicated servers. That means, if the main player that is hosting the game is not online, then you cannot play the world, until he gets on. Also it is running an old 1.6.6, compared to the insanely greater features of 1.2.5 and soon to come 1.3. They say they will update the game, but I think they have already hit some limits with the Xbox hardware, for example, I don't think we will ever see pistons. The developers most likely will be updating the game, but by the time they get to even 1.8, the PC version will already be space ages ahead on 2.8. On top of all this, there is no skins........there is no way to type.......and there is a world limit of 1000x1000, with much more limitations, such as low view distance.
I could go on all day, but my point is that the Xbox version is not in anyway comparable to the PC version. They are both good in their own ways, with the Xbox version being good mainly for people who do not have a PC to play this game and just want to play with their friends.
Also for the people talking about voice-chat on Xbox Live. Skype itself is a great service, but is not designed, nor does it work well for chatting during gameplay of Minecraft. For this, there is something called TeamSpeak 3, Mumble and Ventrilo. These services are 100% free and are made for game chatting. With this, you can chat with as many people as you want in very high quality, compared to the Xbox version.
http://www.teamspeak.com/?page=teamspeak3http://www.ventrilo.com/http://mumble.sourceforge.net/
