Mojang's console version is nearly as far along as the PC version which has historically been many versions ahead!
Console peasants (of which I am one) please do not fret. Soon the PC Master Race will no longer be able to lord over when it comes to Minecraft updates. That time isn't quite yet though, so you'll have to deal with it a little longer.
When the update is released, Minecraft on console will be pretty much identical to the game on PC, minus only a couple of items (there's no grass paths in the update, for example). By far, it will be the closest that console and PC versions have ever been in terms of feature parity.
Original article on Eurogamer