Actually not the red rings of death, but just as useless. After spending two weeks in San Francisco working from our US office, I was looking forward to some quality time with my console and some of the games that had come out recently but I hadn't had time to play.
Alas, last night at around 3am (jetlag is a ******) my console decided it wasn't to be, and started freezing everytime I turned it on. Sometimes it would even get as far as loading the game, and enticingly let me play for a couple of seconds before throwing a wobbly. Mainly it would just freeze on the opening logo.
Tried turning it off for a while, unplugging the hard drive, unplugging live, and all those useless things you do to try to prove that there's actually nothing wrong before giving up and calling their support line.
Me: My 360 broke. It keeps freezing.
Helpline guy: What's the serial number, your name, and your address?
I tell him.
Helpline guy: Ok, so you need to get a plain box and package up the 360, no cables or hard drive or anything.
Me: I still have the original box. Can I put it in that?
Helpline guy: No.
Me: Why not? I don't have a plain box.
Helpline guy: Then you'd better buy one. They won't take it in the original box.
Me: Why not?
Helpline guy: Because they won't.
Me: Hmmm.... Ok, so can they pick it up today?
Helpline guy: It'll be two or three working days.
Me: Oh, in that case, can you put down my work address if they come tomorrow or Friday and my home address if they come Saturday?
Helpline guy: No.
Me: Uh, why not? Most people are at work Monday to Friday and at home at weekends, are they not? I don't think that's a particularly strange request.
Helpline guy: There's only room on the system for one address. If they come earlier, just phone them and tell them to come on a Saturday.
Me: And presuming I ever manage to get hold of 'them', when can I expect my console back?
Helpline guy: Two to three weeks.
Me: (heavy sarcasm) That's great, thanks.
Helpline guy: (conspiratorially) Mine died last Friday too, so I'm in the same boat.
[EDIT--I've had my 360 just over 2 months.]