Ok, my first 360 got one red light after 3 days of me having it, i accepted it as just having a bad dvd drive (thats wha the error code seemed to be saying anyway), so i replaced it with another 360, which has lasted me from mid september all the way to mid february with no problems.
I finished playing Call of Duty 4 one night, then i turned it off no problems. Then, the next day, i press the xbox button on my controller to start up the console. No Response. Nothing. I check to see the power is on, but then i feel stupid because my TV is on and its on the same extension cord. Now, i start to assume the power supply is faulty, so i expect to see a red LED. Guess what, there isnt a yellow light, or red light coming from the psu's power supply. I then think, 'well that means no current is passing into the psu, meaning the fuse has gone'. I take the fuse out, and try it in another appliance (paper shredder if you must know), but unfortunately the fuse didnt blow.
So i was faced with a truly broken PSU. No problem i thought, take it back to Gamestation with the receipt, they are bound to have a spare. Well, it was a monday, and i spent 12 hours at a mates house playing games (Audiosurf people is too addictive) and watching films, and my dad was kind enough to take it back for me. I got home, went upstairs and he said that the plugs were different at the store, so he had the entire system replaced. He forgot to change the hard drives around (well, easy mistake to make when u r a parent) but i was pretty happy, because i now had a new system, with a new 12 month return policy, and the fact it has a different power cable in the back of it signified to me that it was a newer model, perhaps, the new 65nm sku. I powered it up, and is was much quieter. So in essence, a faulty psu got me a new 360, which is quieter, more reliable (i hope) and with a revised warranty.
Perhaps the 360 reliability issue isnt as bad as you guys believe.
In Other news, Blu-Ray has won. I was expecting this, and some of the ppl at my school who have PS3s are going to be a**holes because of it. Im not too bothered tho, because i didnt buy a HD-DVD drive and whilst having a PS3 would be very nice, I would have virtually no games for it i would want (CoD4, GT5 prologue). And the other day, i was watching School of Rock on the 360, and it did a very impressive job of upscaling, and it looked even better when i was in my bed watching it, which is slightly further away.