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I hopefully assumed it means you could play with PC players but so far the only thing compatible is you can use Seeds for either verison. Maybe like the Kinect support, it was something planned but not at launch?

Well XBox cross compatibility with PC was announce to be a feature when Notch made the announcement that Minecraft was coming to Xbox at E3 last year. According to the Mojang website, from the 14th, it states that the cross compatibility is certainly possible, but no ETA as to when the feature may be implemented. With how far the two versions are currently, I would imagine it probably won't happen until sometime towards year-end, depending on how quickly 4J can code the updates for the 360, and how quickly Microsoft will release them once they are ready.