Here's a bit of what he had to say:
"There's a list of, what 220 games that are not back compat, and I have that list and I've got it stapled on my forehead, and like, how can we make sure [you can play them still?] How many of those are on PC? That's one thing, because it doesn't necessarily mean you need to be able to play it on the existing hardware that you bought 15 years ago, but preservation is front and centre when all these decisions are made."
"I will say for us that preservation that's linked to only one piece of hardware is a challenge. Because there can be hardware love as well - people who love and want this device to do this forever - but mechanical things will break over time. But that's why we gave people with this decision a year. Let's say 'hey, if you want to go buy things in the 360 store, we're going to give you a year headstart, and you can go get those things'. And just know that the list of the 220 games is something that we see, and we would love to find solutions for those games to continue to play."
Spencer also reiterated as part of the discussion that game preservation remains critical to his team, and he believes the work that's been put into the Xbox backwards compatibility program has been "world class".
As for the reason behind the closure, he explained that it's "really just about the hardware and the lifespan of the hardware" - pointing out that sustainability is a challenge and the number of Xbox 360 store users is very small.
Of course, don't forget that although the Xbox 360 store is closing next year, you'll still be able to re-download anything you've bought in the future, and you'll also be able to connect to the internet to play online multiplayer titles.