I actually just soft-modded mine last night. It's OK. I prefer my modded Xbox as it looks better on an HDTV. The fact that the Wii only outputs 480p is a real downer.
Chris
The reason why the Wii is such a promising emulation box is because it can output in 240p resolution, which is ideal for SD displays. With component cables, it is nearly the same as pure RGB. I guess if you like your old games upscaled and filtered for HD displays, this isn't for you.
Anyway, thanks to that guide Bernie posted, I softmodded my Wii today and I'm incredibly impressed. The NES, SNES, and Genesis emulators are phenomenal, and WiiMednafen runs PC Engine games very well! I can't seem to get the games to load in RetroArch Wii for some reason, but that's my only gripe.
I really should have done this sooner.