Currently i have
a ds with r4 module
psp at 4.01 m33-2 fw
ps2 with messiah chip
xbox with executer chip
xbox 360 iXtreme flashed
Wii with wii-key chip
Gamecube with viper chip
Gameboy advance couldn't find a module for it here :(
and a open source gp2x

Modding consoles usually leads to pirating games, so I stay away from it. It also voids your warranty, which would be a dumb move for any 360 users.

Moding a console is like overhauling a Yugo.....

That, too. You'd be better off pimping your PC.

well the original xbox makes a great & cheap home theatre PC if you install the XBMC on it, sure there's no room on the physical hard drive unless you replace it but playing media from a NAS is an excellent solution

Every single human being in Brasil possesses an "unlocked" PS2. Yes, leads to piracy, because it is meant for piracy purposes only (particularly in the case of PS2).
Interestingly though, no one has managed to unlock the PS3 down here so far. I find that an incredible feat from Sony.

modded consoles also lead to game modding and cool homebrew apps. It's not all piracy!
I've got a modded xbox. I had a modded wii, ds, and a flashed psp... but they all got stolen a few months ago :(
I've also got a dreamcast which, while not needing a mod, does get a lot of homebrew run on it!

I haven't heard of any problems with the newer models of the 360.
I have heard that the reason the PSP is doing so horribly is because developers wont touch it on account of people just stealing the games instead of buying them. That's why Sony came out with the PSP-3000. Its a last ditch effort to save the system buy making its firmware hardware dependent (or something like that).

i used to have both a modded xbox and a modded psp, but significant hardware failure led me to selling both to gamestop.

I have a PSP with custom firmware (not chipped) with 3.90 M33-Something, and I did flash my 360. But no mods.

TBH, i will not do a mod of a console if it only allows for piracy, that is why I will not mod my Xbox 360.
Plus, the whole flashing thing is a little expensive..

But modding can also lead to importing, so it's not all bad, maybe you bought those games that only came out in another region legally when you visited or something.

Especially if your console is banned from live and you have to go & buy a replacement...
The import thing doesn't really affect the 360, it seems to be region free. Well not the DVD playback obviously, they've got to keep up that vital and unbreakable line of defence...

Right, I don't know anything about the new systems, but I was thinking more about the PSX and PS2 when I mentioned modding.