The biggest changes include the new world height at 256 blocks, jungle biomes, ocelots, iron golems, cocoa beans, a new AI for mobs, and new sounds. The update also includes support for texture packs and 'mashup packs'. Smaller additions include 3D item drops (like in Fancy graphics on the PC), Desert Wells, a new Tutorial World, rare drops for mobs, boats in a world can reach to 40, and slabs can be placed on the underside of blocks.
If you have Minecraft for the Xbox, are you excited for the new update?
Source: Twitter