You can use any of the old 360 hdd's on your slim to alleviate the problem. Kinda sucks but its the only workaround I know as of now. This only affect online co-op btw, not split screen co-op.
Here's a post explaining how to add a fat 360 hdd to your slim
http://www.neogaf.com/forum/showpost.php?p=23323145&postcount=9097
The definitive evidence that video games turn people into mass murderers