There are some instances of RROD Xboxes to magically start functioning again, but this does not mean the the problem is fixed. your console is still broken and needs repairing. Send it in to MS and they'll send you a new one.
On the subject of the new Xbox Pros and the Elites. The Xbox Pro out now is still 20Gb but is HDMI capable, and has the chip inside to reduce the chance of RROD. With the recent price drop they're only $299 to boot!
The Elite is still $450 for a 120gb, HDMI capable and less chance of RROD but still has just about as much chance [imo] as an older Xbox.
The new Pros shipping out August 4th will be 60Gb, HDMI capable and will so far have the least chance of getting the RROD, but if they do the MS 3 year warranty will still apply.
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