A modchip would still be detected by Live and get your console and gamertag banned, just like with the xbox1. Also now that the dashboard is always running as a background process AND the addition of forced dash and kernel updates on game discs themselves, keeping your 360 unplugged while playing backups with either a modchip or the firmware does not quarantee you wont get banned.
All in all the firmware hack RIGHT NOW before MS starts to attack it is the best thing ever, play backups on the UNHACKABLE 360 without expensive hardware modding 6 months after it was released, and play them on LIVE!
It will soon be over so either wait for a modchip to use your 360 COMPLETELY offline or just jump in and enjoy while it lasts.
007 has all the gadgets. Batman has a utility belt! 007 drives a fancy car. Batman has the Batmobile! 007 gets all the ladies. Batman has ROBIN!!!