[QUOTE=nocturnalVX]I have read quite a few articles about the Xbox 360, but not one answered my only question... will the new system play "old" Xbox games?QUOTE]
The $400 model WILL DEFINITELY play old XBOX games in fact the 360 has hardware (or software?) built in that will immediately increased the graphics of old XBOX games. This has already been tested by www.ign.com on Halo 2 and they did a write up on it and said pretty much the edges of all objects are more defined and clear, and ok say you are looking at a flat rock wall the 360 will automatically make depth to the wall giving it "edges". How this really looks is yet to be seen by me, but as the testers said the effects are minimal but noticable. But yes the more expensive $400 model will be reverse compatible. Hope that helps.
In Christ,
Ryan H