Microsoft may as well of dropped the mic and walked off stage after this announcement at E3. Later this year the Xbox One will receive backwards compatibility, allowing you to play your 360 games. However, it is not as simple as it sounds. You will not simply be able to pop in a disk and play, there are a few things you need to know first.
The update coming late this year will install a 360 emulator on to your Xbox One, which will then allow you to run older games on your new console. However, the games are from a pre-selected list. Currently anybody in the Xbox Preview program is allowed to vote on the games they would like to see and Microsoft will reach out to the developers in an effort to allow the game to run on the emulation.
The issue is that a lot of licensing has expired, so it is really up to the developers if they want to renew their licenses and allow the games to be played on the new console. Microsoft have said they have done all the heavy lifting to move everything over, all the developers need to do is confirm it.
The list will grow a lot more over the next few months. Currently the games available are:
A Kingdom for Keflings
A World of Keflings
Alien Hominid HD
Geometry Wars Evolved
Perfect Dark Zero
Super Meat Boy
Toy Soldiers: Cold War
Viva Piñata: TIP
You can check out the announcement below.