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They will take it back.  I had a RROD situation once and when I got it back the first time the console booted up fine, but then no longer fed any video to my tv.  I called them and told them what happened and they emailed me a new shipping label right away.  Even though it was entirely possible hat I had that problem before the RROD they still took it back.  Not only that, but I believe their policy is to replace the console completely instead of repairing a second time.  That's what they did for me.