Truth be told most people stick with XBMC, the emulators and official games (all three are certainly capable of being a massive timesink). That is not to say there is nothing going on in the other homebrew "genres" but they are certainly not as featured as the DS or even the wii.
Most of the 16 bit era emulators are some of the best around on any platform and the earlier ones are certainly not to be snorted at either (it also helps that their entire romsets are about the same size as an average week in the DS).
Going further into things though it depends what you want
You can make a fairly decent file server and the like (often stacked on top of XBMC but there is always one of the several linux distros for the xbox).
There are the usual ports of doom, quake and the like as well as ports/remakes of many other classic and not so classic games.
Most of the rest of xbox homebrew consists of various modding related tools
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