I've had my xbox modded for a year and I have to say that It's probably the coolest system that I own right now because of it. I just replaced my 120GB that I used to have in it, with a 250GB one

Currently with my xbox I can watch all divx/xvid anime shows, play snes, genesis, n64, arcade, and many other games, I backed up all the games I own (no pirate here

) so I don't have to put discs in anymore and I get faster loading times. Modding the xbox turns enables you to do wonderful things.
bkaron: the chip your getting xecuter 2.3 pro (I would actually recommed you get the lite, since it's cheaper and most people don't need the pro functions), it comes with a switch that get placed on the outside of your box, when you turn it off it disables the modchip allowing the original bios to load up. This allows you to play live games, I will say never load a live game with the mod-chip enabled or your xbox will be banned from live and you will never be able to use that xbox to get on live again. It seems like you alread found the best site for xbox stuff,
www.xbox-scene.com. Definitely check out the forums there, but do not ask where to download ANYTHING that is related to going onto your xbox (ex. bios, emulators, etc.), they will not tell you. Flashing the bios is kinda combersome now (it came pre-flashed in the old days). Your chip will come flashed with the cromwell bios which doesn't allow you do much except load linux onto your xbox. Since your getting a xecuter go to
www.teamxecuter.com and look under tutorials, it's windows based, so if you don't have a pc this might be kinda hard. Hope this info helps