There will probably be talk of a slight bias since Major Nelson works for Microsoft but he did a hefty 4 page [url=http://www.majornelson.com/2005/05/20/xbox-360-vs-ps3-part-1-of-4/]comparison[/url] in terms of hardware performance with the Xbox 360 and the PS3. I will maintain that none of this is relevant if the games suck, but with the next gen console wars heating up I figured I would help spread the truth.
On another note, backwards compatability has been [url=http://www.evilavatar.com/forums/showthread.php?t=2292]confirmed[/url] for Xbox 360. It will make use of a emulation environment so you can all stop worrying.