Probably not. I already bought it on PC back in alpha and I think that a lot of the aspects of server play, namely the MMO-esque element of a persistant world that other server players can log into at any time, would be lost on my Xbox.
That and Minecraft has yet to become a "game" to me in the traditional sense. It has no goals of its own, and to me it currently seems more like a very elaborate and fun toolbox with which to create your own gaming experience (e.g. roleplay/faction servers, adventure maps, building shit, etc) Building is fun, but the supporting elements (mining, combat) are not fun enough to justify continued playing without modification or an overarching goal, things that the Xbox and the current version of Minecraft, respectively, lack.
That said, off-topic, I cant wait for 1.8 to happen so I can get back to my RP server of choice on a fresh world.