Not credible.
Not new information.
But its true.
The next xbox will almost certainly be running DirectX 11.1
DirectX 11.1 has the ability to switch device contexts on the fly. They will most likely customize this a bit, and remove the option of switching to a Direct3D 10.x device. and only support switches between Direct3D 11.1 and Direct3D9 ( which the xbox uses )
The technology is there, its just up to Microsoft to use it or not.
It will be true backwards compatibility rather than funky emulation.
The original xbox uses Direct3D 8. Between Direct3D 8 and 9 there was a massive change in the rendering pipeline.
Because of this they had to emulate the fixed function rendering pipeline on the Xbox360 with shaders. Which in many cases simply would not work with the way that certain games ran.
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That certainly sounds promising. One of the things that really pissed me off about the 360 was how dodgily Xbox games ran on it, if at all. That's finally some positive news among the rumours of no disc drive, no used games, always online...