Well it looks like the Xbox360 has finally been hacked. It took Microsoft 2 + years to develop security for the 360, and it was cracked within months. Backups can now be booted on the Xbox 360 according to Xbox-scene. The firmware was released by Commodore4Eva who previously released a functional Xbox 1 firmware. This works for the Xbox 360's with the Samsung/Toshiba DVD drive.
Check it out here.