Modchip comeing in a a few weeks/months? or just SPONG
From what we have been able to gather, the first mod-chips for the 360 will be available within a month. Speaking to us under terms of anonymity, one source close to the research and development of some well known current-generation chips said, "We've been seeing partial success from some corners [in China] though nothing that could go on sale yet." This paints a dark picture of the console industry and the aggressive blight it suffers. "Everyone is working on a full-functioning 'do everything' chip that will take apart the 360 and let users do what they will, though we expect a first-generation bypass device that will allow back-ups within weeks. The first on the market is likely to be complex and might not be particularly good, though that's just a stopgap before real chips become available."
There is some hope for Microsoft however, "Everyone is finding it difficult [to make the chips work correctly] as Microsoft's security is the best we've seen to date for a disc-system. If it weren't for the fact that DVD is used, it's likely that further development wouldn't have been worth anyone's time."