Basically... PCI-e is 100% backwards compatible.
16x fits 8x,4x,1x and of course 16x
8x and 4x BOTH fit 8x,4x and 1x in their slots. 8x devices work in 4x slots at reduced speeds according to the PCI-e design.
1x slots only fit 1x devices.
The whole point of PCI-e was to make a very easy to use socket.
The problem with PCI-X and PCI is that they were not always backwards compatible. There are 3v and 5V slots, 33/66/100/133 Mhz PCI-X, 33MHZ only PCI-X and all these different slots that are just a little different. Most companies try to make their cards compatible with both voltages and all speed slots, but this is not always the case. It should be backwards compatible to 3.3 and 5V but its really up to the card company.
In essence, if PCI/PCI-X were completely destroyed I would be happy. Give me 2 16x graphics cards, a 4x sound card, 8x SCSI Controller and a 1x Wirless card and I can lay them out pretty well in a mobo with no PCI LEgacy slots.