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I would be surprised if the Xbox 720\PS4 was not backwards compatible.
The 360 played some of the lets say ‘newer’ Xbox titles, the PS3 played PS1 and PS2 titles until Sony removed it (unless there is no drive). I think if both consoles were not backwards compatible, there would be an up roar as people would not want to get £5\£10 for 360\PS3 game, then have to spend for £40\£50 for an Xbox 720\PS4 game.
1 year, 6 months ago on GTA V transition into Xbox 720, PS4 fears