Well it has happened to me as I thought it might. Yes I am refering to the RROD on my 360.
I turned it on tonight to play some Halo 3 with my friends at it made a funny noise and then it gave me a ligh show. Lol
I am not sure what the failure rate is for sure but between all of my friends that have them I would have to say its about 90%
I only have one friend that has not had it happen to him. Most have had it happen more than once and that to me is the scary part. No I did not buy mine it was a gift from some big hearted friends of mine.
The 360 may have some good games but the hardware is junk !