Well, I just got my V3 the other day, and while looking for ways to get free ringtones and such, I wandered my way into several good websites for Motorola modding. All you need is a mini-USB cable and some time.. The websites supply the rest:
Basically, a few simple modifications to increase storage and usability of the phone, and all the custom stuff I'd normally have to pay for. Of course there's a chance you could corrupt your phone so that you can't use features put in by your mobile carrier, but if it was completely safe, it wouldn't be fun. =(