Right now I would have to say No, while the game still plays the same as the PC version, the 360 edition is seriously lacking the amount of content that you can only get on your computer. The Xbox 360 edition only gives you the basic item's right now like crafting items, tools and basic weapons like the sword and bow and there are even a limited amount of Mobs you see in the game too, only the spiders, zombies and creepers are present in this game (not including the ones you see in the nether).
But luckily this problem is only temporary, with several title updates players can get more tools and features, infact the next update will give Xbox 360 players Creative Mode, which gives the player unlimited resources to create gigantic and advanced constructs with ease.
Another problem is that the release of skin's for the 360 version seems redundant since PC players can mod and create their own custom skins for free. While it was nice of Mojang to give us some flair for our avatar I wouldn't buy skins since I can get my own on the PC for free. Speaking of Mod's, those who play it on the PC version can download texture mods that can make the game look really good because let's face it, even with the simplistic design Minecraft is not that pretty of a game.
If there is one thing the 360 version has over the PC's, is it's multiplayer set-up, It is much easier to join games with your friends on Xbox live since you only need a couple settings to make your game available only to your Xbox Live friends, and one of the things that makes this game fantastic is how fun thing can get with friends whether your building a gigantic castle of just goofing off.
While the 360 version doesn't compare to the PC version, it definitely has it's quirks that still keeps it midly entertaining, although I find myself only playing it with friends from now on whenever I start it up.
Total Score: C+