User blog comment:Bryanm2000/Is terraria 1.2 comming to console/@comment-7697305-20131001223220/@comment-7697305-20131001224134

Nobody really knows for sure: the second thread I linked has a developer from Engine Software saying, "It will be quite a while before the console owners can play 1.2, but we will try to keep everyone up to date on the progress."

Apparently, they couldn't even begin the porting process until Redigit was done making the update.