I will keep this post short as the guys over at Wired have covered this pretty well. Activision told the audience at E3 that the guitars, drum kits and microphones from both Guitar Hero and Rockband would be fully compatible with Guitar Hero: World Tour.
Now I know what you are thinking... How the heck does the 5 note drum chart on the new game work with the 4 note rockband drums?! Well, it is quite clever! Activision will be building in a quick fix by creating 2 drum charts, one containing 4 notes and one containing 5. Clever, no?
Check out the link below for more information:
http://blog.wired.com/games/2008/07/xbox-rock-band.html
