I've had both, and to be honest with you I prefer the softmod, once you have the eeprom.bin it really doesn't matter what you do to the harddrive, you can recover. (Thank you Idots for XboxHDM)
The Harddrive upgrade is pretty straightforward, it might be a little bit longer, but how often do you upgrade your harddrive?
The same things that screw up a softmod can screw up a chipmod, if someone is going to format their C: or E: they'll still end up with a messed up mod... the only difference is all chips will recover with a boot CD/DVD.... but if you browse through the Evox forum, it's full of folks looking to create boot CD's after formatting a drive.... if someone is dumb enough to format their system, they're probably not up to the task of creating a boot disk...
The Lock/Un-Lock problem is still there with a softmod, but it is balanced by the Virtual C and EEPROM's which a chip doesn't provide.
This post has been edited by Neilor: Mar 31 2006, 12:30 PM