This version of the game will operate separately from the existing PC one; they won’t share progress or allow cross-play. Grinding Gear says this is because of “small gameplay differences between the two versions, such as the number of Flask slots and how some skills are targeted.” However, it intends to “follow the same content and league release schedule” on both platforms.
Path of Exile remains free-to-play on Xbox One. There is no word regarding changes to its microtransaction structure, which has been lauded for being limited to things like cosmetic extras. In terms of content, everything from the PC version is present, with the upcoming 3.0.0 expansion (which adds Act 5) also set to be included.