I just get XBOX 360 ELITE on New Year. Is it already possible to mod it (or flash it) so it will be running burned DVD copies from original games? Cuz I heard from a few people that it is not possible yet and only will be able to mod latest models in a month or later.
You own the hardware and you hence can do with it what you like by law [no matter if they put a stupid piece of paper in the box saying you can't]
You can even put it on fire or drop it from 15 miles high into the sea. So yes you can mod it but expect to get an Xbox Live ban. And an xbox without Live is.. sad 
In the Xbox Live EULA stands that you are allowed to enter only with a non modded console. If they find your one to be modded then they have the right to kick you out of their house. They OWN their network you are a guest there.
You OWN your xbox 360 so you can do with it what you like. That is the difference.
And a warning if your xbox gets banned then certain functions I am sure you'll like Like the HDD installation and the use of the HDD gets crippled. Yup your DLC stops working and the game save/profile is forever tainted by corruption. Even if you move the HDD over to a new xbox 360 the game saves/profile won't work.
So is that worth it? Sparing out a few bucks ...
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