It is indeed through unsupported hacks. xboxgw & xboxgwd. Still *very* badass though.
I guess what maybe I didn't make clear is this:
I don't really care about the system's future - it's awesome for me *now*, and no matter what happens, I'll still be able to play Amped & Project Gotham Racing & Halo & Dead or Alive 3. Plus, if it tanks, I can get the other titles really cheap.
Shit, I do kinda hope it fails awfully
But to me, it was worth the $540 or so that I've spent on it already. Than again, I'm kinda partial to expensive toys
PS2 really is very badass though, and I expect I'll have one in 6 months time...