It's been only a little more than 3 months since I bought it and my X360 has shown the message no-xbox360-owner-hopes-to-see and the red light already 3 times; last week was the last time; another time the logo was in gigantic pixels.
Generally I simply power-off and re-power-on the console.
I'll post a couple of pics I took of it since next time this could not be enough anymore. Everyone's invited to the funeral.

P.S.: the white spot on the first pic doesn't mean there's a light at the end of the tunnel; it's only a reflection of the screen.