I absolutely appreciate backwards compatibility. I bought a 360 after not owning an Xbox, and played through Halo 1 and 2 on it, as well as Psychonauts - games I wouldn't have played if the functionality wasn't there because I had a PS2 the previous generation.
In response to the discussion about backwards compatibility...
I feel that it depends on the console. The PS2 had a lot of great games worth going back to so the PS3 having BC was defnitely called for. The Xbox not so much. The only game that got played with 360 backwards compatibility was Halo 2 and when Halo 3 came out Halo 2 was essential done.
The way the current generation is going backwards compatibility in a sense will be very important. Not so much with software on disc but with digital content. When Rock Band hits the next generation of consoles what will I do with my current batch of songs that has become a massive investment? Same goes with XBLA games. I don't want this stuff to be totally null and void when the next batch of consoles hit.
Now that I have a PS3, it really fucking irks me that if I want to play Shadow of the Colossus again or, even worse, play through the MGS series in preparation for MGS4, I have to hook up a whole other system. It always astounds me that they aren't including the feature as standard in either machine - it's super cheap technology.