This would absolutely blow my mind if this turns out to be true. I feel like it would absolutely cripple the new Xbox, and Microsoft has to know that. If Microsoft and Sony both did this they could maybe get away with it, but if only Microsoft is imposing these restrictions, I would think most people would move to the PS4 (I know I would).
I really would have liked to see what the PS4 is gonna look like (and a price point), but overall I was pretty impressed by Sony. I've done the vast majority of my console gaming on the 360, but the PS4 was looking pretty interesting. Really want to know what the new Xbox is gonna be like.
My 360 still gets a lot of use, but that's mostly in playing older games or watching Netflix (I've actually been playing Gears of War 3 a lot also, coincidentally). There are really only a couple of games that I still am really excited for this generation: GTAV, Bioshock Infinite, Last of Us and Beyond Two Souls; unfortunately the blu-ray player in my old PS3 just died, so I'm not sure how I'm going to get access to those last two games. There are some really great games that I love on the PS3 (Uncharted, Heavy Rain, Valkyria Chronicles, Infamous), but I've always played all of my multiplatform games on 360 so it's really my console of choice still. I am definitely ready for the new systems to be introduced to give a breath of fresh air into all this.