I took the 300 best reviewed Xbox games as scored by Metacritic (a website that collates reviews) and then checked to see which games are backwards compatible on the Xbox 360.
Of the top 300 reviewed Xbox games, 82 (or 27%) are backwards compatible.
Of the 21 new additions to the the bc list, 8 are in the top 300 best reviewed list.
Below, I have crunched the numbers a bit further.
Look, it's a chart!
BC: 82 (27% BC)
Not BC: 218
BC: 67 (27% BC )
Not BC: 183
BC: 32 (32% BC)
Not BC: 68
BC: 21 (42% BC)
Not BC: 29
BC: 14 (56% BC)
Not BC: 11
BC: 8 (80% BC)
Not BC: 2
Clearly, it must be no small undertaking to make Xbox games BC on the 360.
Of the top 100 reviewed Xbox games, Microsoft has only been able to make 32 backwards compatible.
I think CAG epobirs summed it up best when he said,
I wonder if Microsoft is wishing it never promised backwards compatibility in the first place.
Seriously, if it were just a matter of wanting it, Microsoft would have every Xbox title ever release running on the 360 with enhancements. This is not a trivial undertaking and the testing involved for the games is very time intensive. They're recreating much of the playtesting cycle these games already passed through before they were originally released.
The more desirable recent Xbox titles are the result of develoeprs who've been honing their Xbox skills for five years. The likelihood of those games containing the kind of coding techniques that make for the most difficult items to make run under emulation is very high. As more and more of the older titles become compatible the probability a newer titem will pass the testing phase is increased. But there is no getting around the laborious testing process.
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