I'm thinking about getting this new xbox since my Elite is dieing (ALWAYS freezing). I have a transfer cable, but I was wondering is everything would transfer to the new xbox. I have a ton of DLC (like all my mass effect trilogy downloads) and I would hate the loose it all. Example; I heard the ME3 collectors edition dlc code is a one-time only no if's and's or but's. I paid extra for the CE, I don't want to loose it! Any help would be great.
You can transfer it to the new xbox with the transfer cable. Make sure it's the new transfer cable (not the old one that requires you to pop in a disc). I did this myself (from the old xbox clunker elite to the star wars xbox) and the files transferred fine. It moved all my stuff including my Mass Effect files etc. I have the collectors edition and when I first uploaded all the extras to the old xbox - it transferred fine to the new one. It will take some time but eventually it will get done. I also had no trouble transferring my old library of Rock Band songs (tons of DLC) etc. Just make sure you update any license agreement stuff as well (there will be a little note of that during your transfer process)
I just used my 16gb thumb drive to move the important stuff over like save files and arcade games, other stuff like disc installs can easily be redone on the xbox. If you're not willing to shell out the cash for one of those transfer cables this is a good way to go if you have spare flash/thumb drives lying around which in this day and age most people do.