I just wanted to note one thing ...
When the Red Ring of Death was first being reported many people dismissed it as "only a couple of people" were having these problems and it "wasn't that bad" ... This ended up with Microsoft spending (roughly) $100 for every XBox 360 they sold to extend their waranty period to 3 years; which would imply that they intend on fixing a very larger percentage of these systems.
It is very difficult to determine how large or small a problem is based on initial reports from people on the internet. My initial reaction to this would be to call customer service at Microsoft and see if I could get a replacement disc (which they would probably agree to immediately) and only if they refused would I start complaining online.
Regardless ... for people who are overly impatient this is probably a big issue, for the rest of the world it is a small problem which will be (easily) be resolved for 99% of cases by this time 2 weeks from now.
