I thought the PAR was a pal gameshark. Nevermind, not even the same company. Anyways, Gameshark is working on the Xbox GS now, they were working since the GC version came out. They haven't put in a release date for it though, maybe they're having trouble storing the codes while a game is running.
Hmm, I think Code Breaker is in the works too. The people working on it said they dunno when it will be ready. A cheat device will probably be out before the end of the year.
So, to answer your Q. Cheat devices ARE in the works right now, but there has been no confirmed release date.