I bought the 360 shortly after release even though the red ring and lockup issues were widely known. First unit locked up, I returned it. Second unit, same thing. Third unit, it locked up and I called support. They tried to tell me it was because the time on the unit was not set correctly (wtf). I set the time correctly, it still locked up. At that point I decided if a company can't get a $450 anything to function correctly, it's not worth having, so I brought it back. The above events all happened within a 3-day timespan.
Flash forward a year and a half. Reports came out that MS had all the hardware issues worked out. I picked up another unit. I ran for six months and then red-ringed. I had to ship it to the repair center in Texas. I got it back the next week and it worked for three more years then failed.
In the first two years of the Xbox 360 launch, there were reports that up to 90% of units sold had hardware failures. I can't, for the life of me, believe they put the same team in charge of this next launch?
If they don't have a three-year warranty on these things out of the gate, based on the Xbox 360's history, I wouldn't count on the quality of these units being all that high.