Lost For Words, for one, with a Mod Chip, you wouldnt need your own Disc Press.
A mod chip would likley disable the security features of the system, thus letting you use mini-dvd's.
Also, a Region Mod came out before the console even hit the USA, try and keep up with the news if your gonna argue about such a thing.
My GC has a Region mod, and the LED changes color depending on which Region it is set to.
And also, you dont need to Flash the system bios, thats what mod chips are for. Typically, such as with the Xbox, a mod chip simply Overrides the system bios, thus you dont need to Flash anything on the console itself.