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If it's reading some discs, but not others, my guess would be that there's something wrong with the laser. Best case scenario, there's dust on your laser(or, if you're a smoker, smoke residue), worst case scenario, it's the beginning stage of a DRE problem(less likely). Either way, give Microsoft a ring. You should still be under warranty and this clearly isn't an issue of you abusing the system.
In the meantime, look through the instruction manual and online. I believe the PS3 has a feature, where if you hold down the power button for a certain period, the fans give off a good blow and it clears the inside of dust. Take a looksee and find out if the 360 has a similar feature. Most importantly, though, call MS. Good luck!