OH kool... progress!!!!
I'm sick of my XS rss feed getting clogged with more worthless modchips. There is no point in using a mod chip for the FW hack, do you really think that MS will mass ban 360's? Lets think, MS makes the profit off of the games and accessories because they cost less to manufacture than to produce. If they were to ban 360's from live, people would just buy a second system for their backups, and one for originals, for live. They would be buying core systems, which MS loses even more money off of, since you already have the HDD.
But you say you want the best solution, and you think a chip is gonna be it. Well order the chip, pay $30+ (not sure what they cost)wait 1-2 weeks for it to come. Rip apart your 360, voiding your warranty either way, whip out your soldering iron ($10+), if you have one. Buy some solder ($5), and start soldering the 13+ wires to your ODD. Unless you are a semi-seasoned solder, your most likely gonna splash some on your board, hopefully you don't ruin it.
Or
Hookup your ODD to you mobo, use an auto flasher, be finished within a couple of hours, and thats if you can't get your mobo to recognize the drive. Most you'll be paying is like $5 for a sata cable if you dont have one.
My 2 cents