you can do the following............ - put ISO's on a external Hard Drive and play them without a disc - download XBLA games and play without paying for them - download DLC from sites instead of paying for them - play games from any region - some FTP stuff , like uploading DLC from PC to your Hard ...

what would it cost to buy one of that quality?

what sort of things could i do with a such device installed?

How much time and money do you have in it?