All modern video cards already have EEPROMs on them.
In fact, that's precisely how both nvidia and ati differentiate their "professional" cards from their "consumer" cards.
Ease of 'hacking' apparently isn't much of a concern because cards from both vendors have been 'upgradeable' in this manner for more than a decade.
I thought this was a little bit of a stretch. But a little Googling popped up some interesting results. I haven't had a chance to look at this card but check this out:
Seriously, this is so cool and I never thought about it before. Thanks for the tip!