Gutted mate, had the red rings on mine suddenly, did the x-clamp fix and its been fine, touch wood !

It does seem that the Xbox isn't very reliable when it comes to use but from the few I've had in bits a lot of could be dust etc as mine wasn't that bad but some we had in bit look like someone emptied a hoover bag in there !

The 360 IS a far better gaming console than a Ps3 though, used both units a lot and the only thing the PS3 wins on is the built in Blu Ray which understandably makes it a far better purchase for some people.