I'm not sure if anyone has mentioned this, but I stumbled across it last night when I went to Major Nelson's blog.
In a nutshell, after jumping through a couple of hoops, you can transfer the content license of downloaded games onto a new console if you got a new one from RROD or something else, etc.
You start the process by going here: Xbox DRM Site
But before you go there, watch this video walkthrough explaining all of the needed steps. Video Walkthrough
Some things worth noting:
- You can only due this once every 12 months
- Cannot tranfer movie rights, so watch them first
- You need to re-download everything once complete