Microsoft (Phil Spencer) tweeted they he will release a list of the first 100 games that are backward compatible with the Xbox One as soon as November 9th.
Unfortunately original 360 disks won't work with the Xbox One system. However for a number of selection of games inserting the game disk into your Xbox One will start a download of an Xbox One-friendly version (You're going to need a bigger hard drive!). Plus any games you've digitally purchased will start showing up in your game library automatically.
This should put the price of second hand X360 games up as the games will automatically download if you have the disc. Bet you need the disc installed in the Xbox One to play the game.
What Microsoft did was build a virtual Xbox 360 entirely in software then they took the old Xbox 360 games and ran them through the emulator and made them available to download. All the Xbox 360 features will remain, like saves and friends but you'll also have the features of Xbox One like record and screenshots.
And it's all FREE!