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Backwards compatibility will be an absolute must, since the graphical jump from this gen to next gen will not be as big or as noticeable as previous generations. PS3/X360 games will still be viable for some time.

New games will have to be innovative in some way, whether it has a deep engrossing story, builds on the fun of old genre games, or some new mechanic or genre that we have yet to see. Don't ask me what that would be, I'm not a game designer. But it isn't going to involve tapping on a touch screen because virtually everyone can already do that on their phone or tablet. And waving sticks around is already done and out.