Another of the Xbox 360 Hacking team interviewed
http://www.xboxic.com/news/501
For those too lazy to read the entire interview, the very short summary is:
* The hack is completely unfit to be applied to a modchip.
* Anyone selling a modchip based on this is a scammer.
* Trying to replicate the hack without having multiple years of experience at this kind of thing will most certainly brick your 360.
* Microsoft will quite probably be able to detect fake firmwares very soon as the cat/mouse game commences so you will get your ass kicked out of Xbox Live for the rest of your life.
* Watch out for brickware. Some moron will release one probably.