I'm actually pretty surprised that they did this so quickly. Now not only can you play import games but you can back up the ones you have with DVD-R discs and keep the originals safe.

Isn't capitalism fun?

Softmod: http://www.youtube.com/watch?v=UKkbxCEzYJw
Hardmod: http://www.youtube.com/watch?v=libxIKSTS9A

Chip cost around 35-40 bucks.

Yeah, I remember seeing that a couple of weeks ago.

It's really not that surprising. The modchips for the Gamecube could've been marketed if it weren't so expensive to burn the backups.

although, from the opposite point of view, it did help cut down on piracy.

i was pretty sure you could play import games anyways. That was just one among many of the benefits of the new gen systems, especially Wii.