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numonex said:
  Hopefully they will be fully BC with the PS3 and XBox 360 libraries.

 

On the Xbox360 side back compatibility shouldn't be a problem. If Microsoft plays their cards right the migration could be very smooth. On the PS-3 -4 side everything depends on the PS-4 Processor, if it is a normal Multicore CPU, as I expect, there will be severe problems with titles that use the SPEs.