Many features are planned for the upcoming http://www.trueachievements.com/Minecraft-xbox-360.htm
1.7.3. update, one of which will be selectable default player skins, as well as paid downloadable ones as well.
If you don’t want to pay extra to customize your character model, the update will include an option to switch between the default character models currently set for players 2-8 in split-screen and online game modes. Those looking for premium options will have over 40 options to choose from in “Skin Pack 1”. Five of them are teased in the following screens: King, Creeper, ‘Splosion Man, Trials Man, and a Covenant Grunt from Halo
4J Studios has stated that the 1.73 update should arrive sometime this month. More changes and additions are planned for this update, stay tuned for more coming soon.