I own both but i wouldn't mod my 360. I was talking about the original Xbox as it has all the cool emulation and interfaces for it.
With regards to softmod (and without going into details, because there's plenty of other places for that), softmodding or TSOP-modding the original X-Box is quite easy if you've even moderate solder skills. TSOP modding requires the soldering, and is quite nice (essentially it's enabling the ability for one to write to the flash BIOS), but it's not necessary. Soft-modding can be done easily, doesn't require any soldering, and once soft-modded, you can still change out hard drives (you just have to be careful and ensure that you not only backup your existing HD, but that you keep access to your EEPROM.BIN and save your original drive, just in case!)
I swore that the X-Box would never equal the PC for emulation... and in some respects, it doens't... but I tell you what, it's really managed to surprise me! And with Visionary, the frontend is fantastic! I actually just soldered up the cord to enable me to use my old MAS Systems Arcade Stick with the X-Box (I'd modified it with an
MC-Cthulu from Toodles last year). It worked fantastic, and with the added advantage of being able to play console games w/ the stick as well - I was surprised, but Streets of Rage just felt like a completely new game when playing with a stick rather than a pad!
Not that I can't do this on a PC, mind you, but the ease of the X-Box, coupled with the ease of setting up Visionary is just beyond compare. No need to remap buttons, no need to mess with joystick configs, no need to mess with poor frontends, or complicated frontends like Mala or Hyperspin.... That part, I really liked. As much of a techie as I am, it was nice to just copy over some files, plug in a pad/stick, and PLAY the games rather than mucking with emulator settings and minutia.
If you can't tell, I'm really sold on it