It's too early to say, IMO. At least with RRoD, Microsoft was able to offer free replacements to quash resentment. On the other hand, a failure rate that high was pretty catastrophic to the Xbox reputation, which wasn't very good to begin with.
Where this ranks depends largely on whether people have their credit card information sold. If people start losing cards left and right, this could edge out RRoD as the biggest clusterfuck in console history. But right now, it's mostly an inconenience and worrisome, nothing more.

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