  We present XMM-Newton and Chandra observations of the low-mass X-ray binary
XSS J12270--4859, which experienced a dramatic decline in optical/X-ray
brightness at the end of 2012, indicative of the disappearance of its accretion
disk. In this new state, the system exhibits previously absent
orbital-phase-dependent, large-amplitude X-ray modulations with a decline in
flux at superior conjunction. The X-ray emission remains predominantly
non-thermal but with an order of magnitude lower mean luminosity and
significantly harder spectrum relative to the previous high flux state. This
phenomenology is identical to the behavior of the radio millisecond pulsar
binary PSR J1023+0038 in the absence of an accretion disk, where the X-ray
emission is produced in an intra-binary shock driven by the pulsar wind. This
further demonstrates that XSS J12270-4859 no longer has an accretion disk and
has transformed to a full-fledged eclipsing "redback" system that hosts an
active rotation-powered millisecond pulsar. There is no evidence for diffuse
X-ray emission associated with the binary that may arise due to outflows or a
wind nebula. An extended source situated 1.5' from XSS J12270--4859 is unlikely
to be associated, and is probably a previously uncatalogued galaxy cluster.
