I own two 360s, had two red rings (one on each) had them fixed for free and no future issues. Of my circle of friends (about ten 360s altogether) I'm the only one who had issues. I wonder if it was partly a regional thing, since we all got the consoles around the same time.
Anyway, I'm not as down on Microsoft as some here are. I like the console and the Dashboard. I don't particularly care about exclusives anymore (I think exclusivity is going to be increasingly rare, given the market). I've been using the 360 less, mostly because I've been playing less. I sold my PS3 a while back, after having not played it for months. Didn't regret it then, and don't now. I gave up on PC gaming because I didn't like the constant upgrade cycle. To some degree, that's lessened--even current games will often run on older hardware, something that wasn't necessarily true back in 2004 and 2005 when I decided to take a break from PC gaming. Prices are also down quite a bit. It makes PC gaming far more attractive than it used to be. Still, I'm not interested in having a desktop PC around, when what I really use is a laptop.
I don't think I'm done with my 360 yet. There are still a few games from last year I need to play. But there's maybe one or two games this year, then nothing. I haven't decided if I'll buy a next-gen system or not, but right now I'm leaning toward whatever Microsoft is going to offer. I may well go with Sony depending on features, but I'm happy with the MS ecology in my home right now, with media serving, etc. There would have to be a compelling reason to switch.
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