Somebody tell me all about Minecraft

I'm thinking of getting Minecraft, but before I do, I want to know what I can do in it. Can I realize any artistic vision I want? Are there any limits to what I can do? Could I build the Palace of Versailles or the Empire State Building? Is building tedious or efficient? Are the pieces unlimited, or will I be encountering annoying part limits like in Halo's Forge? Tell me all about Minecraft, anything notable that comes to mind. Edit: I've had Minecraft 360 for nearly a year now though, this thread be old