I think it would be worth it. I modded my friend's XBOX with the "no chip" deal and it was pretty cool. He now has fully working; SNES, NES, Genesis, and GBA emulators along with a media player that supports MANY different formats. HALO alone is a good reason to buy a XBOX (of course its for the comp too). There are many tutorials on turning your XBOX into a PC too. I guess what I'm trying to say is you can really have a lot of fun with an XBOX by totally personalizing it. Upgrade the HDD, put on a new dashboard, and much more. I'm going to get me an XBOX here really soon.......
V2 US Flip-top w/SMD
V7 US No-solder modchip w/SMD (reads CDs and CD-Rs ONLY)
V7 US Flip-top w/SMD
XBOX V1.1 Self modded with exploit