After several months of procrastination and waiting for the damn parts to arrive, I've finally softmodded my Xbox. The xbox is fantastic for modding because of it's almost pc-like hardware and OS (Based loosely off of a Windows 2000 kernel). Numerous softmods and hardmods are avaliable, as well as many "Upgrades", such as bigger HDDs, faster IDE cables, and even RAM upgrades. The great thing about the xbox is the built in ethernet and hard drive, downloading media and *ahem* "Backups" onto the xbox is very simple. Xboxes are commonly softmodded to modify games, make backups, use as a media center, or for emulation. As previously mentioned, the xbox has a mostly PC-like structure, so porting emulators to the xbox is very easy. I've modified my xbox for all 4 of the reasons mentioned. It's surprising how well the emulators work on an xbox, even the PS1 and N64 emulators run smoothly. One of the most impressive features of the xbox is it's 1080i and 720p capability, which several games use. 480p video is also supported by most games, unlike the PS2, and the component cables required for progressive scanning (Hence the P in 480P) are plentiful, unlike the Gamecube. Modding really brings out the capabilities of the xbox, and is worth it if you can get the right parts.
Also, if you guys don't know, you can still play Halo 2 online using an xbox, using XLink Kai.