What does this mean? Well, it doesn't mean, for now, that people will be able to run homebrew games on their Xbox, but it does mean, according to the site, that players will be able to run bootlegs.
It's not easy, apparently, requiring some experience with assembly language. But for those for whom hacking is a way of life, beating the new Xbox at its game should be possible.
For now, and until Microsoft fights back. Though it's unclear how the software giant could stop hacking progress from moving forward.