Yup what mrstickball said is true. My X360 broke down in about 10 months of intense playing (that means almost every day). I called microsoft, and within a week I got a refurbished model which actually looked completely new. If i didn't know better i would've thought it was a new one.
If you buy a X360 now, you'll probably get the Jasper model and that one doesn't get the RROD so easily, and even if it does, you have a 3 year warranty for it. So it shouldn't be a problem, since you get another one within a week usually.
Truth does not fear investigation