I have modded probably 10+ xbox's over the last couple of years. It has got to be the overall best emulation box (thats what I call it) experience ever. Just about every retro console system ever made at your fingertips and adding a larger hard drive to hold all the games. Its does a great job of emulating the amiga.
I prefer adding the mod chip instead of soft modding. I haven't been in touch with the mod community in a long time. I am sure there are some pretty safe soft mod loaders, but I would imagine that if something went wrong you could brick your xbox.
WOWZER