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The maufacturing issues have been sorted out. They now use lead rich solder and the disc drives that were scratching DVDs now come with the protective rubber band. The problem with the motherboard flexing due to overheating should be sorted with the extra cooling and will definately be sorted with the introduction on the 65nm chips.

Any 360 shipped this year will be much more reliable so you have nothing to worry about if you are thinking of getting a 360, especially with the new warranty in place. Just keep it horizontal and don't put it in an tightly enclosed space and you will be fine.