I bought this game months ago. It's awesome.
It is wise to follow the blog though, to see what is happening with it. You can find it
here Notch is away on BIGJam right now, but he will be back Tuesday I think. He'll post a mini Seecret Friday Update then, and a proper Seecret Friday Update on Friday. He does this to make the game seem fresh while he ports it over to Survival MP. Previous Seecret Friday Updates have been snow, red stone, minecarts, boats etc. You know, cool additions that aren't actually needed.
The map is more or less infinite in size, but the height is not. You do reach a bottom.
The Creepers aren't really that overpowered. This is Survival after all. It is meant to be deadly. But once you got a nice house going on, you are pretty much safe. The Creepers doesn't blow up to get inside your house or anything. Which is why he is going to add mobs that can destroy blocks. He might modify the zombie to do so as well. That way they game really turns into a survival game.
Another thing that is good to read is the
OP at the Facepunch Forum. They go through Minecraft Megathreads quite fast.