Dunno if anyone else has suggested this, but I used a variable-speed dremel to mod my 555's. The flex-shaft attachment made things much easier, but you could probably pull this off without it.
To prep, I put a small piece of clear tape over the holes on the backs of my drivers. If you've ever used a dremel on plastic before, you'll know that little bits of plastic get EVERYWHERE, and you certainly don't want those in your drivers.
To get most of the plastic grill out, I used a spiral saw bit, then used a grinder to remove the rest of it up to the outer edge. I cleaned the edges up with sanding drums and used a utility knife to get rid of the frayed pieces of mesh around the edge.
The final product came out just as clean (if not a little cleaner) than the "perfect" image on the first page, so it was well worth the few hours of work it took to do this.
Overall, I'm very satisfied with this mod. The improvement in sound quality definitely justifies the risk in this mod. At the cost of a little bass, the clarity of the highs and mids was significantly improved. I just can't believe that I didn't do this sooner, since I've had my 555s for about a year now, but was too scared to do anything beyond the foam removal mod until now.