It terms of sales, I think minecraft would do alright. In terms of gameplay... heh, good fucking luck. Minecraft, while not graphically demanding, requires a lot of processing power, and whether or not the 360 can bring home the bacon is something else entirely. That, and the UI for the game on the 360 might be a bit difficult to use. Mojang can probably tweak it to work, but that's just an accommodation.
To sum up my feelings:
Minecraft: popular, fun, makes a lot of money, probably will sell fairly well.
Will it play well with a console/controller? I have my doubts.