Well I have 1.51, but this ban wave obviously targeted everyone with a system that was not 100% legit. I mean, there are people that were banned simply for having a flashed drive but that got banned while playing a legit copy. I don't know, MS really pushed it this time.
I can't remember if I accepted an update for the dashboard last week. In fact the only update I remember about was for FM3 I think...meh anyway, I'm not sure that updating the firmware on the drive to the next version is going to change anything. Something must have been done by MS in the xbox itself to lock the HDD feature and I'm not really sure we'll ever be able to fix that :/
Also, MS perfectly know about "us", meaning people who flashed their drives to play copies. They know the scene is resourceful...as a consequence, if the trick was as simple as downgrading the dashboard then their ban wave would have no point at all

But we all know how this will go. Its a cat and mouse game. They ban us, we find new ways, they ban us again, we find new ways again etc. and it'll go on like this forever. Pirates probably prefer to buy a new system for a 100$ rather than buying every game for the same price (at least that's what they cost where I live).
i have some computers thought...
and will take the HDD of the banned xbox and will do disk from image ...