Oh and Grats on the daddy status..welcome to the club. On a serious, I had the same issue, had a xb360 and wanted to upgrade. I decided on the one only because it felt like a natural move. I already had live for the year, and a few 3 month cards. As for games, no you can't play the 360 on the xbox...well officially you can't but there are ways to do it. You also need to buy a new second controller and if you had a recharger, that needs to be replaced. So yea, your getting all new stuff, but your xbox live will work for both. Plus some games you buy can be used for both (get a 360 version and it has a code for xbox1 as well) I let the kids play with the 360 now, and it was the Star wars edition, so didn't want to give it up. GL on your decision.