What exactly can the 'XBOX 360 512MB Memory' transfer?

If your recently toast xbox still works enough to manipulate things around in the dashboard, then you should be able to copy things to the memory unit. Profiles are easily transferred and are not tied to any system. As things are transferred, they are deleted from the source.

There's a curious warning about "being the owner" of a game save that's being transferred. Apparently if you mess that up, you won't be able to use it to earn achievements. Not sure. You'll see it when it comes up.

Something to worry about is content you've purchased on your old console. That is tied to the actual xbox serial number it was bought from, and those items won't work on a different machine unless you transfer the licenses from that machine as well. The exception to this is whoever purchased the items can still use them on any xbox anywhere as long as they are signed into Live when using them. Your family would get left out unless you transferred the licenses too. Unfortunately, the licenses are something you must do online - there is no data to find and copy along, that'd be too easy!

Also note if you can transfer the licenses (nullifying them on the old console in the process) then you don't need to copy the actual games and stuff over. Simply re-download them from Live with the same profile they were bought from. Way faster and easier.

Sorry for making things a bit more complicated that you might like. If you've got any concerns or questions be sure to call 1-800-4-MY-XBOX before messing up from my advice.

Well, pretty much save data...