It looks cool and all, but I really don't see it as a mod chip. Sure it's a modification and it's a chip, so does it technically qualify, sure. But when I think about mod chip, I think unsigned code. But on the same hand, it is pretty cool how we live in such a time, that if I decided to do something like this, to have multiple firmware banks, that I could choose to do so. And eventhough this doesn't let us run unsigned code, it is another step in the right direction, to someday have that.
Either way, good luck with this, if your gonna find soldering experts anywhere that want to tweak things for the fun of it, I think your in the right place. When it comes to hacking, there is definetly a lot of talent running around here.