For me it's a big deal for Sony, but not Microsoft. 360 has no old xbox titles that I even care to play really.
Playstation on the other hand had an amazing PS2 library, as well as a huge PS1 library. There are a ton of great games on those older systems. Original xbox however really didn't have any game on it that I just had to have, or really would ever have an urge to play again.
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