I'm hoping to take advantage of this in the future, and use my 360 as a genuine media player that can play some currently unsupported formats of videos. I recently got a media hub to place the ripped contents of all my DVDs (Which, if you have several DVDs, takes forever), but I've been converting them to a .mkv container and doing some slight compression for space reasons. I don't believe the 360 can play anything in the .mkv format, but if homebrew brings over something like mPlayer or whatever a standard non-vlc homebrew video player is, it should be simple enough to do.
That said, I won't be taking a risk to do this if Microsoft begins banning modified consoles. Even though I won't be hacking games, I don't think it's worth the risk if MS starts showing genuine aggression towards those who do harmless modifications.