I believe the chances of RRoD is low now. I have a Xbox 360 Arcade and the thing has a Falcon chip (65nm CPU, 90nm GPU) installed in it. It works well no lock ups. Never encountered a RRoD before while I owned a Xbox 360. Just defective problems like power bricks breaking and disc tray making odd noises.
I have owned this Falcon Xbox 360 since December 2007. Works so awesome, just go out now and purchase a new Xbox 360. It's guarantee to have a Falcon (65nm CPU) motherboard installed in it.