databeam writes "The official Xbox 360 press conference was Monday evening, and an AP article has news that the 360 is backwards compatible, and that Square Enix will be releasing Final Fantasy XI for the console." Coverage also available at Gamespot. From the article: "Along with a firm release date and price point, the other big question surrounding the 360 was backward compatibility with the library of games from the original Xbox. Robbie Bach, senior vice president and chief Xbox officer in the Home and Entertainment Division at Microsoft, made Xbox fans around the world happy when he announced that the 360 will indeed play Xbox games." Mostly. Gamasutra points out that backwards compatibility will be selective, with most but not all of the top selling games supported. Kotaku and the Guardian Gamesblog have firsthand accounts from the event, and to watch the conference for yourself Xbox.com has the footage. Update: 05/18 20:49 GMT by Z : Of course, not all the people there were people, if you catch my meaning.