That is a complete BS argument. If you steal a car tofday, you get charged with grand theft, auto -- it doesn't matter tha tthe same car is worth less a year later.
Stealing is stealing. If you make your living making a product and people steal it, how is that any different than coming to your house and ripping off your property? You guys claim to like games and gaming, yet you seem to see nothing wrong with ripping off the people who make them. Games aren't made by faceless giant corporaitons, they are made by VERY hardworking people who pay bills, raise kids, and feed their families. Ripping off software or music or movies is every bit as much a crime as stealing their possessions directly would be.
As to Bunnie, he did some great and complicated work on the Xbox and his method of sniffing the bus was really clever. It helped that he had access to an MIT lab full of equipment -- and that he is really, really smart
I did get a little tired of his claims to pure motives based on his concerns over the Xbox security. And also was pretty surprised that MIT would actually support his publication of a paper on the subject. He did it for the same reason a lot of people hack systems -- to see if he could. Trying to justify it as something more seems a little weak. I owul dguess he isn't too involved inXbox 360 becaue he has better things to do -- lik emaking a living

There really is nothing noble about this stuff -- it is just a hobby that is intellectually challenging and it opens up a lot of new uses for the hardware -- but we shouldn't kid ourselves that we aren't in the process opening up the box for criminals to exploit for piracy.
Personally, I think they should have made the 360 easy to do homebrew for, but secure for commercial games. But then, the hackers who only care about piracy would have to admit their motives. And it wouldn't be nearly as much fun as trying to figure out a way around the security.