The developers for Terraria have been spending the last few months working hard to rebuild the console version codebase, as well as update it to 1.3. And it seems like their progress is going very well!
Here are a few bits of info they shared regarding their progress:
Our work is progressing on-schedule, and we are really pleased with the progress thus far!
We are quite close to moving to Alpha and beginning the rigorous testing/QA process in partnership with our friends at Re-Logic.
Target Timing for release of Console 1.3 remains Q2 2017.