Well I have had Minecraft for the PC since it was a third the price or something when it was still in Alpha.. 
But I have never really done much in the OC version, never gone to the nether, never gotten into a multiplayer server.. 
My friend had barely played it on the PC and he got it for the Xbox a week after release and he convinced me to get it for the Xbox also. 
I have to say, in the Xbox version, I have only been playing co-op with him and it's been a blast!! 
Yeah it might be a few versions behind, but I don't think you will really notice it much of you are not an avid PC Minecraft player. I say, if you have friends who have it or will get it if you do, you should get it! 
It's very fun playing co-operatively, espicially if y'all are working towards a goal(not just an achievement), like a big construct or city or something. 
If you like Minecraft, or even the idea of it, but you are more of a console/Xbox player rather than PC, I think you should definitely got it!  
I have confidence that Mojang and the other Dev that helped port it to the Xbox will update it and add more to it. (hopefully soon!) 
  
But all in all, I can honestly say that playing co-operatively on the Xbox with a friend has been loads of fun! 
I would play with you on Minecraft for Xbox if you want! 
  
GT::  Yayap77