I don't see why not. By then, the console should have enough processing power to emulate the original Xbox in software. I'd be more skeptical about 360 compatibility. Still, it's become expected that new consoles will play previous console's games. I think it would be a mistake for Microsoft not to do that.
On the other hand, I trade in most of my old games once I've beaten them or gotten tired of them, so I doubt I'll have a large collection of games once the XBox 360 goes the way of the dodo. Backward compatibility doesn't mean much to me, but I know a lot of gamers who hold onto their games. So I can understand why some people want compatibility.
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