If you think about it...the new 360 looks a lot sleeker..the orginal Xbox was rough of most of the area so if you get some automotive grade sandpaper..some automotive paint and clear coats..and some turtle wax...the xbox 360 woudl look amazing in any color or style with alot less work..
However, the addition of LED's seems like it woudl be nearly impossible (no ports,no jewel, small vents) or atleast ugly..unless teh side vents coudl be made to look spread out and good..so the customization might be limited to painting only?