Today, MS finally announced the backward compatibility list and they also indicated the software to do the emulation will be free. It can either be downloaded from the xbox website or the console itself will download it. The list is not a bad list, but it is lacking several games that would even make buying one palatable for me. That means no Burnout (revenge or 3) and no Lego Star Wars. My guess is that Burnout will have an XBox360 specific version, but not sure about some of the other properties. This does at least give us some idea of the capabilities of the emulation software.