I dont have a pre-modded, but I modded one of my xboxes myself with the Xecuter 3 chip.
I dont rip games on mine really, mostly what I do is use xbox media player to play TV shows and movies that I download off of the internet. My modded xbox is more of a portable media machine for me, than a gaming machine.
I keep one unmodded so that I can play on xbox live though.
Its nice having
every episode of the simpsons, south park, x-files, penn & Tellers BS, Beavis and Butthead, Star Trek (every episode of TNG, Voyager, Enterprise, and DS9), and smallville in one easy to move box.