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I do not know if it is better than Minecraft but the concept is a really creative one that allows your character to build their own world based on what they pick up through the destruction of the ground, trees, rocks, etc. You mine (with a pickaxe), fight monsters, chop trees down (with an axe), can add people to your town by completing the required prerequisites, upgrade weapons and armor, and fight bosses.
Though the game has so much to do it still lacks what I would call an everlasting appeal because if you want to play with other people you have to download an application like Hamachi and get on the same server with them. It can be confusing if you don't know how to do that. Also if you battle each boss at least once (which last time I played there were only 3 or 4) you've pretty much did everything you needed to do.
While it is fun to build your own town and trust me I've spent many, many hours doing so, building floating islands, digging in a spot rather than going into a clearly visible cave, and surviving against monsters in the dark. The game may have a fun feeling effect that lasts a short amount of time to you like it did for me and trust me there are many other games out there that are way more fun to play that will last longer with a definitive ending. As for Minecraft, I will be playing it when it comes out on the XBox Live arcade.