As far as compatibility...I don't know if I would say that Pathfinder is BACKWARDS compatible, so much as I would say it is designed so that 3.5 is FORWARDS compatible.
And that's why I'm not a fan of the phrase "Backwards Compatible." That, and because it infers that 3.5 is "backwards" or "not as good." While I, personally, like what we've done with PF RPG better than 3.5, the 3.5 rules are still perfectly usable as is.
In any event, yes, Pathfinder RPG will be compatible with 3.5. The final game, which is currently in editing, is closer to 3.5 than the beta; the beta was (like the alpha, but less so) where we threw out some crazy ideas to see how folks responded in the public playtest. Some were well-loved. Other changes, not so much. And in some cases, we realized that the 3.5 rules were more robust and elegant than we thought they were, but only realized that when we took the rules and started tweaking them in an attempt to improve them; in cases where this didn't work, we reverted.
The final game will be, I suspect, about as compatible with 3.5 as 3.5 was with 3.0. You should be able to pick up a Pathfinder RPG adventure and run that adventure using the 3.5 rules without having seen the Pathfinder RPG rules ever. Likewise, someone should be able to pick up a 3.5 adventure and run it using the PF RPG rules without having ever seen the 3.5 core rules.
We'll also have a free conversion booklet PDF available for folks who want to mix and match 3.5 and PF RPG. In any direction.
EDIT: The underlying mechanic of the rules is 100% compatible, so at the very least, you should be able to treat the PF RPG as a 3.5 expansion or alternate in much the same way Monte Cook's Arcana Unearthed book works. Although PF RPG is a lot closer to 3.5's core assumptions than Arcana Unearthed is. In any case... we at Paizo would LOVE to have everyone buy the PFRPG, but we also realize the chances of that happening are cosmically tiny. Keeping every adventure and sourcebook we publish for PF RPG compatible with 3.5 is thus important for us.