Yeah, I'm using TVersity with my 360. It works good, but it's not for the technophobe. The latest version is pretty solid.

It will also transcode from just about any type of file to what the 360 or PS3 can understand, so that's useful.

I think by default it transcodes from FLAC to wav on 360, but I'm not 100% sure on that. I've done the Pepsi challenge between FLAC and MP3 transcoded by TVersity and I can't tell the difference.

TVersity will also allow you to view videos and photos stored from PC on your TV.