Sure, you have to own it. Digitally or physically, MUCH cheaper for games like Skyrim or Oblivion. Or Halo reach, also. Multiplayer works on the xbox one backwards compatibility, DLC works and saves transfers.
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I still don't get how people are excited about it, I still own my last gen console and haven't switched it on since I picked up my ps4. I think the shine will come off it pretty quickly.