
Well, how about that? Xbox has finally confirmed that Microsoft's Platinum Trophy equivalent is indeed the Mythic Achievement, and also revealed a whole bunch of details about how they work.
For the past few weeks, Xbox Insiders have been drip feeding us titbits of information about these so-called Mythic Achievements, which up until now, was merely speculated to be Xbox's fabled 100% completion reward. Now, we know exactly how these work, what it takes to unlock them, which generations are eligible, and what they look like!
The official word from Xbox on Mythic Achievements is:
"Starting today, XBOX Insiders can get an early look at Mythic Achievements, a new way to celebrate the games you’ve completed and the milestones you’ve earned along the way."
Alrighty, so how about we cut to the chase and get stuck into all the juicy details on what to expect from Mythic Achievements:
A New Mythic Achievement Gaming Tab

"Your profile now includes a new Gaming tab, where you can see your achievements, track your next Gamerscore milestone badge, and revisit the games you’ve completed. Mythic Achievements stand out in your achievement history with a heroic frame, making it easy to see how many you’ve already earned."
You Don't Need The DLC To Earn Mythic Achievements

"You earn a Mythic Achievements when you complete all original achievements for a game. Achievements added later through DLC or updates aren’t required, and once you’ve earned Mythic status, it’s yours to keep."
Earn Mythics On Xbox 360 Supported Titles

"Mythic Achievements have already been added to eligible games you completed in the past, including XBOX 360 titles. So, the next time you visit your profile, you may discover that some of your favorite games have already reached Mythic status."
Mythic Progress Tracking

"A new progress bar at the top of each game’s achievement list shows how close you are to Mythic status, with an option to focus on the original achievements you still need. Achievement added later are clearly tagged as “add-on,” so you’ll always know what counts toward Mythic. You’ll see similar progress information across XBOX, including in Guide and Achievement details, making it easier to pick up where you left off and keep chasing your next Mythic Achievement."
If you're an Xbox Insider, be sure to keep your eye out for the rollout. At the time of writing, it's not known exactly when more rings will be introduced to the update, but we'll be keeping an eye out for when that happens. At the moment, it appears to still be limited to Alpha / Alpha Skip-Ahead rings, and I've not noticed it in the Beta ring.