To quote:

Team Xecuter have been working closely with Team Jungle & C4E for several weeks now on the new Xbox 360 250GB Model (some call it 360 S or 360 Slim). We are pleased to officially announce that the team has successfully patched the DVD Rom to be able to play backups.

This is the first successful step and there is much work still to be done for the general public’s consumption.



http://www.youtube.com/watch?v=BbRvrwWoSJY



Never Say Never ;)

Update: Just to answer a few comments:

Comment: It’s fake
Answer: We are Xecuter, C4E and Team Jungle. Duh.

Comment: …Get rich quick scheme
Answer: You mean like all the other free firmwares released ? Xecuter finance everything in the group so you don’t have to.

Comment: Does anyone knows a cheap decapping service in Europe?
Answer: If only they still used the MT1319L, eh? ;)

We love it when something like this gets released, all the crazies come out of the woodwork craving for a bit of the spotlight. The console scene never changes does it? Just enjoy the fact that a public method to hack your shiny new 360 will be available shortly.

Source:
http://team-xecuter.com/new-xbox-360-250gb-hacked/