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Yeah, it is.  I'm definitely getting an NGP at some point, and without BC, I probably wouldn't bother.

But what's best about the feature is what it implies for the future.  I've long viewed the PSN as a hardware agnostic platform, and thus assumed that any game you buy via PSN would work on future iterations of that hardware (IE, PS3 > PS4 > PS5 and PSP > NGP > NGP2).  This tells me that Sony is actually going down that route, which is good.