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If you want a 360 SOOOOOOOOOO much, but you're afraid of the red rings, just buy a warranty. If memory serves, it's about the price of one game and it lasts a pretty darn long time.

I previously had only a Wii, then I bought a 360 and Bioshock, and I plan to buy the $400 PS3 as of release in the states.

The 360 with Halo 3 and Live is really addictive, and there are a lot of quality games on the 360. If you do want a PS3 too, I suggest you start saving up right after you buy your 360.