nope, tried it myself, don't care for bringing consoles online, so i didn't bother to see if there was a patch to improve compatibility. can't play godzilla: destroy all monsters melee either. can, however, play mortal kombat armageddon, star wars: republic commando, and star wars: knights of the old republic 2.
haven't done much with the backward compatibility, but if you got an original x-box, you'd be better off, since they don't all run perfectly on the 360. i know in kotor2, those plyaback hologram things don't quite look right, and i get a loud fuzz sound once in a while, neither are a problem on the x-box.