I don't think this is a bad thing really. I know 2 people who were banned and they both went and bought a new console within a day.
MS makes little to no money on the console itself so I don't blame them for doing it really. I also know a lot of people who weren't banned who flashed their firmware in exactly the same way, so I don't quite know what the criteria for detection was.
People chip or flash their xbox knowing that this could happen, they accept the risk. They can't exactly be annoyed at MS for doing this.
Ok you sell us a console and we won't give you any money for games, the only money we'll give you is xbox live fees. Mkthxbye.