The Real Bryan
The Destroyer
It sounds like that is the plan. All content between the current update and 1.3.5 (which includes the party update, desert update, Old One's Army) will be in the next content update which will put it as having the same amount of content as the current PC version. Naturally there's no release date or estimate for this at this time.
Oh boy! That plan sounds very great to follow up! That way, the gap between PC and Console will close dramatically!