Good news for sure. That's a HUGE accomplishment and congrats to those that worked on this project! I hope that future Moto phones will also be cracked, also. This is important for a number of reasons, most of which is yet to be seen. This indeed, makes the X the best phone out there, including upcoming devices. I love my phone and have no desire to have any other.
Actually, LOTS of progress on this! The FreeMyMoto - Project Bootloader Freedom team has now gotten to the point where they have custom kernels running (via kexec) and are polishing that up while working on drivers. Just over the past couple days, we had our first driver win with functional wifi drivers.
Follow @FreeMyMoto for more info. Also, AndroidForums.net has a dedicated forum to the project where you can find more info out. Things stepped up a notch a couple weeks ago and we're all very excited about this.