The 1.7.3 update for the Xbox Live Arcade version of Minecraft will be coming out soon - it’s currently undergoing certification with Microsoft, and it will allow skin functionality.
Five special skins will be included with the Skins downloadable content pack: Splosion Man, from ’Splosion Man, the rider from Trials HD, a Covenant grunt from Halo, a Creeper from Minecraft: Xbox 360 Edition and a generic King. There are also 40 additional skins for players to wear as well.
Minecraft was released back in May, and has become one of the most popular XBLA games in the history of the service.