Just awesome. I have owned 3 Xbox units in my time. Every single unit has died a little after a year of operation. My first original XBox console died around 1 year and 2 months after I bought it. My second original XBox console died another year and a bit after purchasing it.
Now, my XBox 360 has died, 1 year and 1 month after I purchased it. Just freaking awesome.
Luckily, I purchased an extended service agreement with this unit (with the retailer, not Microsoft) where I get a brand new one if -anything- goes wrong with it in within 2 years of purchase. So I am off to swap out this unit (and kick some heads if I dont get a new one).
I have to say, I am super disappointed and quite annoyed. The XBox 360 may have gnarly graphics, great integration and expandability, but the reliability sucks big time. I treated this unit like a baby. Well ventilated location, very stable area, no bumps or hits, all pristine stuff. In fact, I was using the unit happily not more than 1 hour ago. Turned it on after a bit, red ring of light (read: death) and the E 74 error. If it wasn't for the fact that I had this extended service agreement to get another XBox, there is no way I would be getting another Xbox 360, thats for sure. I might make my money from working wth Microsoft stuff and the software I work with is great, but I'll be stuffed if I am endorsing this piece of hardware any further. 3 out of 3 units dying is a good enough statistic for me and I have spent thousands of dollars over the years putting these consoles to the test.
Interestingly, I have a butchered original XBox unit that is still working. This was a unit I got working from my 2 original Xbox units which were both dead.