Although the hack is currently in the development and testing phase, it's been dubbed iXtreme LT (Lite Touch).
To quote from #fw on IRC EFNet: "[c4eva] new fw in dev/test - ixtreme LT (Lite Touch) - more efficient, minimal patching, all aspects of fw indistinguisable from orig, no more bans, No ETA!"
We do not have more details at the moment. As far as we know the 3 'test boxes' C4Eva has running are still fine (not banned).
So there's NO ETA for the firmware yet, but it should come out for Lite-On drives first.
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i dont know how hard it would be for microsoft to do, but all they have to do is put some kind of ID on each disc. And if the disc ID is already on LIVE then you wouldnt be able to play. That would suck tho.