Hey buddy, just like the others said theres always a risk, but not just for the 360 for anything! Who knows maybe one out of every 10 thousand sony plasma screen TV's have a defect, and you may be the unlucky guy! Or maybe even a very small percentage of PS3's have defects or hardware failures, every ELECTRONIC has failures, whether its from the most trusted brand in the world!
Chances at the moment aren't very high that your 360 will have hardware failure, beause the recently updated onces (I think after August 2007) have a falcon chip or something installed, which makes it run smoother and so on.
Also, there are alot of ways to fix 360 problems, and you can easily return it for a new one even though you have to wait.
All in all, remember, keep your reciepts, boxes and so on, for at least a month, and preferrably 2-3 for ALL electronics, and always try your best to get extended warranties!
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