It will fail eventually, usually within a month. Enjoy it's company for now but start preparing to replace it (if you want to). Even though the lights are gone it doesn't mean the problem has. The red rings are a fault code that reports on startup, usually of course when the fault code is triggered the console is in such a state it cannot start. In your case the fault i s marginal so your console still seems to function at the moment.
My 360 did once RROD one time when turning it on but when I tried again it started fine. I thought that was just a silly glitch then 6 weeks later it proceeded to RROD after a gaming session and was subsequently returned to MS for repair (been fine for 2 years now). Sometimes you get a nice early warning I guess 
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