This thread is more towards the modding of your console and not the game and/or the items in it. Trion won't be able to detect if someone is using a pirated version of the game and MS haven't done an all out console ban since MW2 came out.
As for items, I highly doubt that anyone would be able to mod them. As far as I am aware, everything is stored server side. That would make modding items almost impossible, similar to hacking items in a game such as World of Warcraft.
fyi; I have a legit copy of the game sitting on my desk since Thursday. I have no intention of pirating it. These are just my views from experiences from friends that have modded consoles.



