Ok guys here's the dealio with what happened to me concerning MC360.
Microsoft's European legal team contacted me via email with a 20 page pdf document that detailed every usage of their xbox 360 logo and the word 'xbox' on my website and in the skins screenshots. They asked that I immediatly take the site down till I could make the necessary changes. I acted on that immediatly and took it down. The didn't want their 'x' on anything, which is why I changed it to the 'bolt' logo. I changed all instances of 'xbox' like 'xbox live' and 'xbox 360' to 'xbmc live' and 'xbmc 360'.
Once I had done this, they approved it and allowed me to continue aswell as sending me a very nice letter of approval of what I was doing. I did not have to prove I had made all my textures myself, infact my original 'x globe' was made by myself, but because it was 'in the image' of their original x globe logo for the 360, they wouldn't allow it.
My advice to anyone making this new Xbox experience dash is to make all the textures yourself, make them different enough that they aren't mistaken for being ripped and also don't use any official logos, even if you do create them yourself.
So there you have it, the actual true story of what happened when Microsoft served notice to Team Blackbolt back in March 2006. I'd also like to point out that while I don't share Jezz_X's entire thoughts on the new dash, I don't deem it so great that I'd drop everything I'm doing to re-create it, but good luck to whoever tries it as Team Blackbolt won't be going there.