As if the Xbox 360 didn't have enough problems with the three red rings, the "E74" message is apparently just as bad for the system. Microsoft has determined that the "E74" can mean the same general hardware failure that the three red rings means.
Because "a very small percentage" of 360 owners have complained (no exact numbers are available), the message is now going to be covered under the three-year warranty program. This program went into effect in July 2007, so there is at least one more full year to go for people having problems.
For people that have had this problem previously and had to pay, Microsoft is going to refund the amount for the repairs over the next 4-12 weeks. I previously had this problem on the system last May, right when GTA IV came out. Anyone else reading this had the "E74" yet?
http://www.411mania.com/games/news/101974/Microsoft-Extends-360-Warranty-Coverage.htm
