Quote from MinecraftKINECT
The only question is, how much is it going to be? Will it still have bugs, or will Notch release it once the game is finished?
I'm hoping you can log in with your Minecraft PC account into the 360 version (doubt that will happen, but I have hopes). I'm guessing that will be the finished version since Notch said he wants to finish/release Minecraft on 11/11/11.