Today the Title Update 14, also called TU14 for short, was released for Minecraft: Xbox 360 Edition. The new update brings nearly everything found in the Minecraft PC 1.3 update, as well as some features back-ported from newer versions of PC Minecraft. The most interesting new features include temples, villager trading, emeralds, anvils, more potions, carpet, and more. Also in the update are new host options, allowing the game's host to turn on and off abilities like flying and teleportation.
The update is available for free to all existing Xbox 360 Edition players, and if you don't have the game it can be purchased from Xbox Live Arcade or on disc from a game retailer. The TU14 update for PlayStation 3 is coming tomorrow.
Source: Twitter