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I'd consider buying a second 360 if they made a smaller, quieter, cooler running/more energy efficient model with a larger standard HDD and built in WiFi. I'd even pay $300 for one which is only $50 less than the last one I bought.

I do have to say that my main reason for buying a second, cooler running 360 would be that I'm pretty much convinced most won't last longer than three years without being refurbished/repaired and I don't want to be stuck with a bunch of 360 games that I enjoyed, yet can't play because my old console finally took a dump on me.

Poor QC is the main reason I won't be buying an Xbox 720 for the first year or two of production when it finally comes out.