onemore360 | 11 years ago | on: The Poor Man's Voxel Engine
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onemore360 | 11 years ago | on: Long Live Grim Fandango
onemore360 | 12 years ago | on: The 64-core Parallella is alive
onemore360 | 12 years ago | on: Xenia - An Xbox 360 emulator
And this generation it seems that Sony is trying to provide PS3 emulation using their cloud gaming system.
Some of the benefits of back compat to platform holders:
1) Encourages customers to upgrade sooner and to choose the compatible platform.
2) Increases the roster of games during the first few years of the new console's life.
3) Extends sales of the previous generation hardware and software. (Software because it can be played on both old and new hardware, and hardware because there's more new software available.)