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Minecraft: Xbox 360 Edition is the upcoming edition of Minecraft for the Xbox 360, announced at the 2011 E3 conference by Notch and Microsoft. MineCon attendees had a chance to play the Xbox Edition before its release. Notch has stated that the Xbox 360 will be the sole console provider of Minecraft.

Differences from PC version

For the most part the Xbox 360 edition of the game will be identical to the PC edition, but will have several notable differences and features:
The player will optionally be able to make use of Xbox Kinect functionality to assist in their gameplay, although Kinect functionality will not be available at launch.
The Xbox 360 edition won't make use of the standard crafting interface as in the original version, but will still have similarities to the PC's 2x2 and 3x3 crafting grids. The interface won't require you to place items in the correct place in a crafting menu, but will simply ask what it is that you want to craft, tell you the blocks required to craft it, and, if you have those blocks will craft one for you.
The game will feature split-screen functionality. 4 players in split screen, as well as the possibility to play 8-person online multiplayer game modes in split-screen. Split screen functionality is shown working in this video.
Mods, Texture Packs and extra player skins will be available much later.
The Xbox 360 edition will include tutorial mode not included in the PC version of the game. This tutorial leads the player through the basics of mining and placing blocks, crafting as well as building their first house to survive the night.

Source: http://www.minecraftwiki.net/wiki/Xbox_360_Edition