do not even think about modding it right now until the new fw gets released.
c4eva(or was it garyopa?) stated PERSONALLY that it will work best for new consoles that have not been flashed yet. In light of the recent bannings, this is the absolute, no money down BEST advice you can expect right now in terms of whether or not to flash it.
edit: I said the above aimed at someone who was sure they were gonna mod it. You apparently are on the fence about it, but what I said surely applies if 1. You are definitely gonna mod it and 2. You wan t to make the absolute best choice in terms of securing yourself against a ban.
Anyways if I were you, I would not even turn on the box until you have the new fw ready and are about to flash it. Of course, this is if you are certain you will mod it. 360 modding is not at all like it was before the H3 beta, its now become a huge risky venture and to be honest if I was trying to decide whether to get a 360 or not after the recent bannings, and knowing what I know, and feeling the way I fell about backups, I'd never be able to take the plunge to buy a 360 and mod it.
I know that paragraph might be hard to understand but I hope you got some insight out of it regardless.
If you need to know ANYTHING about the 360 in terms of modding, I'm the one to ask. Sorry to be so egotistical or whatever, I don't care too much because I just know I'd be able to help you out with just about any question involving the 360, especially with modding, aside from 1. solid indisputable facts about the recent bannings (nobody knows that aside from M$ insiders) and 2. effective gears of war/Halo 2 or 3 strategies (I just don't play games as fervently as know about the technical side of things)
Anyways, enough about self-praising. Good luck with your 360 regardless of what you choose. It sure is fun!