The first Xbox didn't have any major issues, well the second time around Microsoft currently did have a big problem with the hardware design (lack of air flow) but they improve it on the later models....So I guess is safe to buy a launch product from Microsoft next-gen, it takes a mistake to learn from it..
Look at Sony last-gen I went through 3 ps2's and look at them now with a console almost built to perfection.
I don't have a PS3 yet.
My Trigger Happy Sixaxis controller