My first 360 took a major dump on me and I had to return it after only 2 weeks from purchasing it brand new. Luckily they completely replaced it.
Hope microsoft resolved all the issues with this new version. On a side note, looks like sony has been dropping the ball in regards to exclusive rights to specific games. Microsoft ofcourse jumped right on it (e.g. gta, grand turismo, devilmay cry 4). Way to go Microsoft, better yet..way to go Sony