In its E3 keynote today, Microsoft has announced that it is introducing backward compatibility on the Xbox One, making it possible to play Xbox 360 games on its latest console.

The company said that this new feature allows players to enjoy their games on the Xbox One just as they would on the Xbox 360, but even better - with added support for Xbox One-only features such as screenshots, game streaming and GameDVR.

There's great news for games developers, who don't have to do anything at all to enable Xbox One compatibility for their 360 titles. For consumers, the benefits are obvious; as Microsoft explained: "With Xbox One backwards compatibility, we won't charge you to play the games you already own."

Microsoft says that over 100 games will be available initially, but it promises that hundreds more titles will be supported in the coming months.

Most excitingly, you don't have to wait for the new backward compatibility to eventually arrive - it will be available today for Xbox Preview members.