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Why do some people say that the solderless method is not reliable? Is it because the adaptor might slide off? Could I just open the case and put it back on?
Exactly. They do come loose depending on how well you installed it and how often you move it, but at some point it will come loose.
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Are the features pretty much the same as everything else like turning it on and off, playing pal and ntsc, running XBMC, backing up games, allowing new hard drives, etc.? Are there disadvantages to this chip?
All chips do the same thing, the only differences are the features. If you have a pre-1.6 you can even do a tsop flash which requires no chip at all.
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Do I just install the chip and thats all I have to do? I just turn on the Xbox and the chip boots up and I go to the the chip screen and I can acess the features immediately? I don't have to do anything like technical like updating bios or whatever? ( Cause I don't even know what that means...) Basically it's just a plug and play right?
Wrong. No chip will come ready to use because the bioses are illegal (except linux). You will have to find a bios (hint you won't find them on any web site since they are illegal you have to look elsewhere) and flash it (and make sure its the right bios for your version).
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And lastly, what is a good price for the Ice solderless? I have done some research, and the average price is $58 or so. I don't know if I am getting ripped off or not, is $58 a good price?
The chip is about $45-$50 and the solderless adapter for pre 1.6 is about $4. However, after finishing up responding to your thread, you are probably better off finding someone local to do it for you. The extra money you spend will be worth it, have someone solder it for you and flash it and thro on some programs.