Xplorer360 grants read/write access to Xbox storage?

We can't confirm or deny this yet, but a couple of guys but the handles of Roofus and AngerWound whipped up a program called Xplorer360 v0.9 (Beta 1), which supposedly grants full read/write access to the Xbox 360's hard drive and memory units, including physical / logical drive access for performing backups, dumps, restores, and the like -- which could well lead to the first real 360 homebrew hacks. So for the few of you that'll probably get the actual app before the rest of the world wakes up, finds out, and crashes their and any caching servers, care to leave comments on your experiences below?

[Via Xbox-Scene, thanks Tech Sweden]