Bitmap Frogs on 20 July 2009
You can do that but all your downloaded content (DLC, games, etc) is still bound to the old console. As long as you are online, it'll work but as soon as you go offline the content won't be available.
In order to fix it you need to use the DRM transfer tool on Microsoft's website which is fast and easy. The catch however is that in order to finish the procedure you need to delete and redownload everything.
Current-gen game collection uploaded on the profile, full of win and good games; also most of my PC games. Lucasfilm Games/LucasArts 1982-2008 (Requiescat In Pace).
