Xbox boss Phil Spencer just announced that the Xbox One is getting backwards compatibility with 360 games later this year, which is pretty damn cool.

You’ll be able to access your digital collection of 360 games on Xbox One, as well as put discs in and download games you already own. The service will be available to everyone this holiday season, Microsoft says. Not all games will work with the service—Microsoft said around 100 will be available when it launches—but during the conference, they brought up Mass Effect as an example of an old 360 game you’ll be able to play on your current-gen console.

(You can see the first list of supported games—which is pretty much all first-party right now—right here.)

This is a huge move for Microsoft, especially compared to Sony’s lackluster (and pricey) PlayStation Now service, as they pointed out with a great zinger: “We won’t charge you to play the games you already own.”