User blog comment:Kabutsu/Assassin's Creed IV Setting Ideas/@comment-4999424-20121230101801/@comment-5088097-20130107222801

Why wouldn't it? PS3 had the compatibility to play PS1 and PS2 games, so PS4 will be able to play PS3 games, as well as PS1 and PS2 games... (I hope anyway).

Also, the Xbox 720, is simply dubbed "The Xbox" and in place of a disk tray, it now has a disc slot instead, just like PS3 and Nintendo Wii.