  We develop the XFaster Cosmic Microwave Background (CMB) temperature and
polarization anisotropy power spectrum and likelihood technique for the Planck
CMB satellite mission. We give an overview of this estimator and its current
implementation and present the results of applying this algorithm to simulated
Planck data. We show that it can accurately extract the power spectrum of
Planck data for the high-l multipoles range. We compare the XFaster
approximation for the likelihood to other high-l likelihood approximations such
as Gaussian and Offset Lognormal and a low-l pixel-based likelihood. We show
that the XFaster likelihood is not only accurate at high-l, but also performs
well at moderately low multipoles. We also present results for cosmological
parameter Markov Chain Monte Carlo estimation with the XFaster likelihood. As
long as the low-l polarization and temperature power are properly accounted
for, e.g., by adding an adequate low-l likelihood ingredient, the input
parameters are recovered to a high level of accuracy.
