Just got this

Lucky me.  E 74 is what it says at the bottom of the screen.   I don't have the typical red ring (3 quadrants light up red - see picture) instead the lower right quandrant is red and the other 3 are blank. I already put in for a shipping label and stuff, but I'm just wondering if anyone else has had my version of the RROD. 

One red light means that you've won Microsoft's runner up prize, general hardware failure. According to their support page on it you should try disconnecting and reconnecting everything, try and test to see if it appears when your hard-drive or memroy unit aren't inserted or contact Microsoft's customer support (a strongly advisable option). Hope your console is okay man.