The latest Minecraft update confirms bigger worlds for the Xbox One and PS4 versions, comparable to the PC release. Developer Mojang denies reports that these created worlds would be infinite, though.
The exact scale of the Minecraft worlds are yet to be disclosed, with the game still in development and a release date to be announced. 4J Studios is prioritizing completion of the game, downplaying other titles under its wing, at least for the meantime.
This Minecraft update is the latest confirmed by the game developers so far, but it should answer gamers' concerns about saving created worlds and uploading these into other consoles. The consoles' hardware differences may affect gamers' ability to import saved data across same-platform generations.
At present, Phil Spencer of Microsoft Xbox has confirmed saves from the Xbox 360 version are compatible with the Xbox One. The game's AI will adjust and generate terrain to compensate for the discrepancy in scale (examiner.com).
Developers are yet to verify if the same is true for the Minecraft: PS3 Edition saves. An update on the Mojang website does reveal efforts to make this feature possible. Minor changes focused on optimizations, especially in the game's spectator mode.
Worth noting are additional options and improvements to world borders, as well as preliminary teleporting interface between players in spectator mode. Gamers are encouraged to report and submit bugs, suggest fixes and improvements.
Minecraft was initially released on the Xbox 360 in the previous year, with a follow-up port-over to the PS3 soon after. An Xbox One port was intended for release with the console, but developers opted to focus on the PS3 version instead. Next-gen versions are to be released at the same time, but 4J Studios and Mojang will take their time to ensure development isn't rushed, with as few bugs as possible.
Aside from a Minecraft update for PS4 and Xbox One, developers will also port a scaled-down version of the game to the PS Vita this year (examiner.com).