I believe that recurrent RODD is a thing of the past now and that people also abused the system by storing their console in a not well ventilated area (something they wouldn't do with their pc...).
Got one once (almost two years ago) and the situation was fixed in a week. I receive a warranty extension for that.
Never had any problem since then...
IMO, the (limited) fear of the RODD is not something that should stop you from buying the 360.
About the noise : It is acceptable now that you can copy your games on the HD.
I'm not particulary convinced by the online modes of Gears 2, expect coop and Horde but Halo 3 is incredible (you check your stats on www.bungie.net).
... so I would say: "Jump in !" 
Evan Wells (Uncharted 2): I think the differences that you see between any two games has much more to do with the developer than whether it’s on the Xbox or PS3.
