Despite the Wii only being about four months old, the mod chip scene already has quite a few competitors. The latest, WiiXT, not only looks to fulfill the necessary backup-playing requirements, but also boasts some rather interesting features: including, most notably, DVD playback.
Though claiming to have bricked many Wiis in the development process, the chip makers are apparently working diligently to get their super-chip into production. Their site details the chip with its impressive list of features, but offers no real proof that anything is really in the works. At this stage, the chip is not yet for sale nor ready for show. Thus, the announcement of the chip is a little premature, but the feature list is rich enough to garner attention.
Hypothetically speaking, a chip enabling DVD playback would probably do very well.