After you get the chip in, you can just head over to "Blockbuster Video" and get a "Game Freedom Pass" which will cost you $20 per month, but you can rent as many games as you'd like and keep them for as long as you'd like, even if you wanted to swap out a game every 10 minutes, you'd be allowed to
I myself can't bring myself to putting in a mod chip. For one I'd hate to fuck up my Xbox, and secondly, if there's a good game out there, I like to just go out and buy it, so I have the original.