Before you all go upgrading your consoles to the latest official firmware:

Q: Can this be turned into a softmod?
A: No, the Xbox 360 boot chain is very secure with no attack surface to try and exploit. There will never exist a software only boot-to-hacked-state exploit akin to a “softmod”.

It’s also not persistent, so you have to do this 20-minute process every time, and it only has a 30% success rate.