Microsoft announced that Minecraft will indeed be making its way to the Xbox 360. When it does hit the console, it will come in the form of an Xbox Live Arcade title, being ported over by 4J Studios with Kinect functionality to boot.
4J is very familiar with porting over titles. It has worked on titles like The Elder Scrolls, Overlord, Banjo Kazooie, and Perfect Dark. So Minecraft should be in good hands, and in good shape when it launches this holiday season.
How Kinect will play into the game has yet to be divulged, but this could get interesting.