I think the problem here is that there's such a spoilt modding community, I personally wasn't on the scene back when things started, so I don't take for granted all the hard work that's gone into to a mod that's really simple for me to do. New people tend to see all these simple mods and think that the first modchip for the Xbox 360 is going to be a solderless chip that they can drop right in there, maybe the odd wire to solder if it's really complicated. That's not how it's going to happen, when it first gets broken it's going to be something simple, maybe removing region locking for games and DVD playback (*hopes and prays*).
While there will be more to work on, since we know a lot about the Xbox and are starting to get more knowledge of the Xbox 360, so progress might be sped up by that, don't expect miracles.
I personally think a modchip from Devil360 that just allows you to run some assembly code would be a huge milestone, and I support them not releasing anything. Imagine the backlash if they released a video of an Xbox 360 just showing a "Hello world!" message on the screen? Of course clever people would be amazed, but for each clever person in the scene there's at least 10 novices who will get angry.
If a mod does come out I'll probably wait a while before trying it, possibly when I get my new case (anyone able to tell me if the black full case is any good? I'm thinking of ordering it but I'm not sure of the quality)