Why Minecraft? While it's nice to have, I recommend LittleBigPlanet 2 and the LBP series coming down the pipes, because the creation/building tools is far far superior to Minecraft.
And before people say "OMG LBP2 is soooo limited!!!1" HERE is a game I programmed and created in it, made in less than 12 hours.
Heck, a lot of iPhone/Android Devs can't even program a game, from scratch, in less than 12 hours. What has Minecraft has to show by creating in-game for 12 hours?
(P.S: I'm advertising my LBP2 Profile. )
I have played Minecraft on my cousin's xbox and it is amazing. The controls are perfect and it is as good as the computer version. It is a little dissapointing that you cannot actually drag the blocks to build things in the crafting tables, but it is a small price to pay. I hope that it becomes available to network soon.