Ironically, I think the thing that proves you can iterate hardware and still call something the same name, providing backwards compatibility for old software but not necessarily letting new software run on the old platforms, is the iPhone and iPad (and to a lesser extent, Android, but that's a much less homogeneous platform with a whole host of other compatibility/power problems, and doesn't serve as good of an analog). Every year or two a new iPhone/iPad comes out, and some new apps that are released that only work on the new platform while some also work on older platforms, and it doesn't seem like this has fragmented the market or been a deathknell for the hardware.
I think this model could theoretically be brought to consoles. Games that don't necessarily take full advantage of the hardware have already become very popular recently, and new iterations of those could be made to work on older consoles, while for bigger AAA spectacle games, the immediate gains could be made through true 1080p resolution instead of upscaled resolutions, and higher frame rates on newer versions of the hardware, and in cases where a game would be incompatible with the older version or the performance unacceptably low, for digital purchases they could just disallow you from buying/installing it on that hardware in the online store, and boxed games could have some kind of indicator on the box that you need the new 2017 Xbox to play this game rather than your busted old 2013 Xbox.
Having a discrete component capable of being upgraded, or some kind of external upgrade dongle/box for the current models seems extremely unlikely to me. It's possible Phil Spencer is talking about the "next Xbox" being the "upgradable" one (if that is indeed what was being hinted at), and that that one would simply be backwards compatible with current software because the new box is still x86-64 with an AMD APU and is just binary/OS compatible with the old Xbox One, but has discrete upgradable parts. The reason this seems unlikely to me is because the whole point of consoles (for a lot of users) is that consumers don't have to deal with that shit. The iPhone model seems more likely to me.
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