Don't think there is an ETA for the elite firmware.
As for modding, I just got my 360 about 2 weeks ago. As soon as I did I ordered new dvd-rom,dvd burner (for easy 'backups') and the pci sata card. Everything went smoothly. I use iXtreme 1.2 on live fine, but it requires a fully stealthed backup. Pretty much a 1:1 copy and not something downloaded... Unless you know how to recompile your iso after adding different things needed or something like that yada yada.
Good luck! I'm lovin the xbox. live is great and being able to download demo's and such is real helpful.
As for modding, I just got my 360 about 2 weeks ago. As soon as I did I ordered new dvd-rom,dvd burner (for easy 'backups') and the pci sata card. Everything went smoothly. I use iXtreme 1.2 on live fine, but it requires a fully stealthed backup. Pretty much a 1:1 copy and not something downloaded... Unless you know how to recompile your iso after adding different things needed or something like that yada yada.
Good luck! I'm lovin the xbox. live is great and being able to download demo's and such is real helpful.