First game was a bit overrated, but I am looking forward to this. As said above, don't try this on your 360, it crashes, and looks like crap with graphic problems.
It's funny, it hadn't even occurred to me to try the first game on my 360; never even wondered whether it was backwards-compatible. I was figuring I'd get the PS2 version and take my PS2 out of the closet to play it on. Eh, I'm having trouble finding the time to get to my 360 backlog, so I'm thinking the chances I'll ever get to Red Dead Revolver are pretty thin.
Somebody mentioned that this has been posted 3 times already. Whoops. Like I said, I searched for the title and found nothing. Oh, well- this thread can die and one of the earlier postings can track it as the game gets closer to release.