I asked the same question, I got wait till after the update but also its a waiting ban unless you stay offline.
How do you get the keys?Ok, the rumor going around is that there will be no bans for people who have modded drives (this is JUST a rumor since the people beta testing the dash have not seen any action taken against them). However, this could change! Also, another rumor flying around is that once the new FW is flashed onto the drives, it will make extracting the keys more difficult. Because of this, I have put on my tin-foil hat, built a bomb shelter in my basement, and have extracted ALL my keys for my consoles and stored them in multiple places.
Well, maybe I am not that extreme, but I am making sure I have each console labeled and I have they keys for each extracted. I have one console that will play back-ups, the other ones have been flashed back to stock F/W to prepare for the new dash update. I will update an older Xenon upon the release of the new dash and will provide feedback as soon as possible.
My point is, I would wait to flash the console. But, make sure you have the keys incase the new FW 'hides' it. You know, just a suggestion.
How do you get the keys?
I have a liteon drive...
Flash it, and keep it offline.