Some German modding guys bought a 360 and modded it out with some lights and stuff, but then two to three weeks later the box stopped working, so they opened it up to see what they could find.
What they found on the bottom of the GPU heatsink is a protective foil (no word on wither it is plastic backed or not) covering the thermal pad. The whole story can be found in English with a link to the german video Here.
Certainly it is a film covering the GPU, but it could just be conductive foil.
UPDATE:Apparently it is supposed to be there.