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If you are worried about hardware failure rates buy Nintendo....
I had RROD with 360, but also had to replace PS1, PS2 and PS3 during their lifespan - and I look after my shit... On all 3 occasions Sony did nothing to replace them. At least Microsoft replaced the console, and my original XBOX still works to this day.....
Nintendo? I have all their consoles back to the NES and they all still work.....