Individual experience hardly dictates average/overall rate of failure. You have to look at the numbers being reported by organizations that track failure rates of consumer electronics.
While I know there were plenty of disc read errors with the PS2, and consumers who went through multiple consoles, I bought one in January 2001 and it never once failed, in any way at all. Zero freezes, errors, etc. So naturally my assumption would be that they were all top quality unless I read about the consumer reports.
No hardware problems with the initial run 60GB PS3 either with well over 5,000 hours of run time including a six month period (4320 hours) during which it ran 24/7 without any downtime, either playing movies and games or Folding when not in use. That's bulletproof. Not every PS3 has faired as well, but the rate of failure has been well under the generally accepted 3-5% rate of failure for typical consumer electronics (which is higher for computers).
Zero red lights with the Xbox 360 I bought last Fall. Barring some software freezes with Orange Box, there have been no problems. This does not invalidate the millions of broken consoles that have been reported, repaired and replaced.
The estimated rate of failure for the Falcon was pegged at 16%. Less than half the rate of failure of the Xenon, which was initially estimated to be as high as 33%, although the general assertion is that the majority of those original models will eventually fail, assuming regular extended use.
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