Backwards compatibility in the next generation of consoles discussion

With the new Xbox and Ps5 news trickling in, it seems like the rumor mill is spun up again on backwards compatibility. The lack of backwards compatibility for me has been a huge issue with me investing in consoles much. Xbox One had a very limited selection of backwards compatible games with some of my favorite not making the cut for nothing else but political reasons. I play quite a bit of NCAA 14 since its the last NCAA football game to come out and the community for it is still somewhat active. I would love to go back and play through the original Gran Turismo games PSX to PS2 but getting the consoles to work well with modern TV's is a pain in the butt.

With the rumors of the PS5 being fully backwards compatible, that would be a day 1 purchase for me. Microsoft has to do a little more convincing for me since their idea of backwards compatibility is cherry picking some games and hard restricting the rest.

Sony hasn't said anything about the PS5 being "fully" backward compatible, just that PS4 games are forward compatible with the system just like One games with the Series X. My dream would be to be able to take my extensive library of PSX -> PS3 games and play them on one console. PSX and PS2 emulation is damned good now, but PS3 emulation is still janky and I don't think it will ever reach a point where I'd rather not pull out the fatty. One thing that I will bust out the PS2 for is Gran Turismo 4 because I could never get a steering wheel working with PCSX2 and my old Driving Force Pro still works flawlessly.

The reason Microsoft is doing things the piecemeal way is because it's all done in software, and every game has its own unique needs in order to run properly in emulation. They tried the universal approach with the 360 and the support was spotty for original Xbox games. Some games played better than on original consoles while others were absolutely unplayable. The attention they are able to give individual games has been great for the games they have released. Could more be done? Sure, but if you were Microsoft would you really want to divert resources into a feature that in reality is only really wanted by a small proportion of your user base while you're trying to sell both consumers and developers on your new hardware and licensing? Another fact is that backward compatibility has to be a selling point for the console where those made up sales will cover for the resources dumped into making old games work with the new console. People who want backward compatibility are, in most instances, going to be using their original game discs or digital licenses and not buying the games again.

Part of me wants backwards compatibility, part of me doesn't.

I play PC and Playstation. I've owned PS1 - PS4.

When I first got the PS2, I played PS1 games until my PS2 library grew.
I got the PS3, and did the same thing. I played PS2 games on it until my PS3 library grew.
I didn't get the PS4 right away, but waited a while, then got the Uncharted version with all 3 uncharted games, and bought several other games at once. Honestly, I haven't played a PS3 game since I got my PS4 (except the remasters for PS4.)

So if the PS5 is just BC with the PS4 games, I'm happy. If it plays the other generations, I won't complain. I don't expect it to though.