I'm a bit skeptical. I'm convinced they've packed enough features into it to keep it from being a cheapmod, but on the whole what does it have over the competition? The P/E switch is implemented by Xodus. The exterior DIP switches have been implemented by Xecutor. Software control over boot-banks has been implemented by Xodus. External flashing has been implemented by Xecutor. And now Xecutor is talking about implementation of the remaining LPC points? Sure, USB flashing is nice, but Xecutor and Xodus now have a solid track record that will be tough to steer customers away from.
I'll admit that DMS certainly made an impact on the PS2 scene. Their DMS3 is considered to be the highest-end PS2 chip because it can be flashed, but I have found it to be less reliable than the Messiah2, which also has an excellent track record. Also consider that many PS2 experts find that the DMS pricetag is laughably high when you weigh its features (it generally retails for $75 compared to Messiah2's $35 from foundmy.com) and the fact that its only advantage is flash capability.
Will we see the same thing in X-B.I.T.?? While I respect that it brings more competition to the scene, I hope it is more user-friendly than DMS's PS2 incarnation.