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buying a PS3 isnt an option really as, fact of the matter is theres still FAR less good games for it. Send the 360 back, sell the replacement on ebay and buy one of the newer, lower power HDMI machines. I KNOW the problem isnt resolved before all the PS3 fans start crying, but they are more reliable. Dont think an Elite will be any more relaibe, its not an upgrade, its just packaged differently, buy a core and use your existing HDD and cables and sell the new cables with the old machine.

This is what I did, I also have a PS3 which ofcourse hasnt broken down yet, but thats probably because I cant find it under its layer of dust.