Run magic now and you'll get (at least) 480p console support. I tried Xfree support (via xbvset) but "X2VGA -> 480p -> 1024x768" locked up my box. I'd be grateful if people could try out all the HDTV/ X2VGA modes themselves and report back! Thank you!

*Update*
I've had news that this works when selecting HDTV -> 480p.

*Update 2*
XBVSET has been updated to work correctly with HDTV on a 1.6. It has all been tested by myself and works! Thanks to dmp for adding support to the xboxfb drivers!