If you only care about games and XBLive, then the best thing is to get an Xkey or to flash the DVD drive.
The major disadvantage of hardware hacked consoles is that they cannot go on Live ever.
Even if you manage to Dual NAND it, you'll need some knowledge on keeping your profile safe.
If you care about games and online multiplayer, go with an Xkey.
If you do not care about Live and Multiplayer, go with a hardware hack.