oh yes you can get modchips off ebay
play game backups by pushing the power button on a controller a certain way
the one wire mod works
and my **** is 2 feet long
(heavy sarcasm used except for that last one

)
there is no modchip at this time
however i do expect one by spring in time for the launch of the ps3
the only documented proven mods are all cosmetic
usb hdd
led swap on ring of light
12v fan mod
side window
halo 2 headset
etc....
many people ask for pictures and video as well but be cautious
someone on another site said he made a x360 chip
but what he did was hide a original xbox out of frame and had that hooked up to the tv
i recognised the x3 bootup and the fact the x360 was not on or had any cables comeing out the back
and there is something called photoshop and some are very skilled with it