That didn’t take long. Yesterday, we reported that hacker @koush had successfully made the Xoom moddable by installing his ClockworkMod Recovery ROM manager. At that point root access was not achieved, but, no less than a day later he made it happen.
There are detailed instructions up on his site if you want to try it out. But, be warned there are still a few limitations to the rooting; i.e. the SD card isn’t working yet.
Now that the Xoom is rooted, we can expect to see a bunch of different mods. Though, it likely means non-Market apps and free Market apps.