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@fasih
It the architecture of the NG consoles is actually a step back in terms of technology. Both the Xbox 360 and PS3 had very custom processors running the whole show. The 360 uses a chip from IBM which resembles the G5 that used to be in the Mac Towers. Likewise the PS3 has a very complex set of chips with the 'Cell' which is a true multicore processor, again designed by IBM for Sony. Both companies at the time wanted to build a console that was not a PC.
So it is kind of ironic that the Xbox One and PS4 are basically PCs. Which actually is going to make things even easier for developers. Technically the PS3 is way ahead of the 360. But the way companies develop games is for the lowest common denominator, which is the 360 (or the PC). It is a shame because actually the PS3 can still do a lot more, but the effort is far greater. You just have to look at GTA5 over GTA4 on the same hardware to see how much better things have got over 3 years.
One way that some old games might be available is via game streaming, but that becomes difficult at scale. Plus there are issues 'How to pick which titles are available like this?' etc
A few other people have also mentioned that actually the PC going to get big again because of many people being underwhelmed by the Xbox One and PS4. Personally I am going to wait, right now I think the PS4 might have an edge, but because I prefex Xbox Live over PSN I might be compelled to go Xbox One. But I am going to wait till at least next summer. The one console I am considering for now is actually the 2DS, since there is a new Zelda out, and it is cheap. Plus there are some real bargains for 3DS and DS games on Amazon.