I got my xbox yesterday...after a bit of a false start with a duff mod-chip, my new machine is finally chipped. I only had a few hours to play with it last night, but here are a few findings. Once modded (the chip is £30)....
o It's a region free DVD player (it played xXx too which we believe is an RCE disk?)
o It's CD Player
o It's a network media player - you can FTP DivX movies and MP3s to it's internal hard drive - *OR* you can stream them off your media server using it's built in 10/100 nic! DivX player has cool features where you can zoom
in/out, calibrate screen, switch for 4:3 or WS..and even play with AV synch delay time...