Here's all they need to do. Take whatever the current version of the triple core 3.2 GHz PPC CPU is. Drop in a 7950/GTX670. 8 GB of RAM. There, full backwards compatability. Hugely more powerful system. Very simple for dev's (they're just working with WAY more power on the same architecture, vs having to learn a whole new architecture.). Keep the Xbox 360 (with hard drive and kinect) as a $200 console. Sell the Xbox 720 with Kinect 2 for $400. Every game that's released for the 720 can be also released digitally for the 360, they just have to turn down the resolution and textures on the 360 (same way PC games work, with low settings vs high settings).
On top of all that have a whole new app based OS that syncs wirelessly with my windows computer, and does all the TV and recording stuff that they are talking about. Have that new OS a 720 exclusive to drive buyers to the 720.
Their current players would love them, because Halo 4 and stuff would still be playable on the 360, just on the "shit" graphics settings, while everyone with the 720 can enjoy a full 1080p with AA and high textures experience.