It looks like the team from 505 Games that is taking over Terraria's console port has decided to directly connect with the community, through the creation of poster account 505Games. They've put out their first message to the Terraria Online community, reading:
Thank you for your feedback following our announcement. We are such huge Terraria fans at 505 Games, absolutely in awe of all the amazing things that you have put together already in Terraria, and we just knew we had to bring this game to XBLA and PSN. We approached Andrew for the rights and the rest is history! We're really excited about coming on board and having the opportunity to open up the world of Terraria as far and as wide as possible.
To clear a few things up - Andrew himself is not working directly on developing the console version, although we are working together closely to ensure the game is exactly right. Engine Software are on development duties and are also creating the new content.
We will be able to let you know more about this over the coming months. We're listening to all your comments and really appreciate the feedback. We will keep you posted with news.
As they say they're listening to comments, there's never been a better time to get over to Terraria Online, make an account, and start checking out the Suggestions boards and others they may be drawing ideas from for the console port!
Find out everything there is to know about the game at the Official Terraria Wiki, including a list of confirmed future additions to the game.
The Terraria team often posts small teasers and discussions on the Terraria Online forums under the name Redigit, and now 505Games, so for the most current updates from them be sure to follow their activity there! You can also find guides, maps, server listings and everything you need to make your Terraria experience complete.