To clarify - I'm concerned more about the differences exclusive to each platform, not just differences of features that will probably be added in future updates (for example, crafting). Otherwise, I feel this question could be compared to "What is the difference between Minecraft version x and version y", which isn't what I'm asking.
Main thing is the screen split. You can play with 4 players in local mode. For now it's the only main difference that I know, you can't play on the xbox live network for now, though Notch said that it will be possible in the future. Except that, there is no major differences "for now". It has just been released so we can wait for upgrades.
The main difference I've found, other than the controls, is the food system. Xbox uses an older version of Minecraft and does not have hunger at all. Xbox also doesn't support the wide array of mods that can be found on the PC version.
Ok, since the update in October of 2012 Minecraft is now a 1.7.2 I believe. This update put in hunger, creative, strongholds, abandon mineshafts, host privileges, endermen (ender pearls), silverfish, stonebricks, stained glass, iron bars, and patched a few things. Now what everyone is waiting is blaze so they can beat the game. Another big thing they are waiting on is texture packs and lots of others.
On the other hand pc might have all that but what they don't have would be split screen. Lots of pc players want to have this but they might have to wait because the 360 edition is about 2 years behind in updates. However, Mojang and notch were already behind when it came so the must help the promises they made first to the 360 edition.
It does have the 2 by 2 crafting option you press X to open it. But the rest sounded about right and there's much much more that isn't there or doesn't work. One in particular was the ender pearl. I was rather suprized to find that it was available but didn't do anything.
I've read the answers but i have found significant differences. Someone mentioned the "minecraft wiki" which was completely unhelpful to me, given that i can only find a reference page to the 360 version... all other links on it just revert back to PC version. There are loads of differences. Here are some that i've experienced (someone please correct me if i'm wrong on any of these):
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