The following list is organized by the release version and cycle equivalent to the PC version. A (?) denotes version's info here is guess-work, possibly incorrect. Known bugs in the latest stable version are listed here.
Pouring water from a bucket may cause it to either leave an extra water source, or leave no water source when pouring the water out, sometimes you can pick up the water source by picking it up in the same spot you have poured it over.
Spiders will sometimes lose their ability to move when they are hit in tall grass.
Game crashes whenever 2 (and possibly more) players finishing mining the same block.
Game crashes whenever a player changes a filter to what might be Worldwide.
Sugarcane are solid (You can't walk through them).
Mobs sometimes do not take damage when hit on the legs and your tool's durability is lowered.
Sometimes the game freezes while saving the world.
Sometimes the game freezes when a player enters a Nether Portal.
When you try and save the game when one or more people are in a different dimension, it can crash.
If you try to join a game from a game invite when you are already in a game, it will sometimes freeze.
If your saved game is on the cloud and you lose your connection to Xbox Live, the game defaults to player 1 and the hard drive. (Meaning that if you are playing split screen and you are using player 2's world then it will transfer ownership of the world to player 1.)
Taking a screen shot when not playing an online game (unchecking the online checkbox when loading world) will cause the game to disconnect from server, losing all unsaved data.
Sometimes when opening the crafting area and either going through, or quiting the crafting tutorial will cause the game to freeze.