Check the firmware of your NGX (press the menu key at the game selection screen.) It is the 337 firmware that is getting bricked, if you have 330 you should be okay.
I updated mine, they didn't fix everything but my eyes do not want to bleed while playing in HDMI anymore. Just needs vsync and scanlines, really. Unforunately, my hacked SD card adapter doesn't work anymore. Good thing I have a spare X that I didn't update!
The case it comes in is an almost exact replica of the Neo Geo snaplock case. I haven't tried putting an actual neo cart in it, but it would probably fit fine. The plastics they use are different though, so it doesn't feel expensive like a real Neo case, but I'm fine with that. If I could somehow buy those cheaper cases for the price of a shockbox (around 8 bucks) I would get a bunch to replace some ratty cases I have.