No, chances of getting a RROD have been reduced but absolutely not eliminated. If you want a console with no hardware problems I suggest getting a Wii or PS3, they also have a percentage of broken units but those are only a fraction of the broken 360's.
Before accepting advice from others in this place I suggest looking at any clues for being MS fanboys before accepting it. Only they are stupid enough to portray the 360 elite as rrod free.
Edit: lol, what if those guys where pc fanboys.... They would deny all driver problems of every piece of hardware. What a lovely scenario that would be, we'd have starcraft appearing in millions of topics worldwide with the same repetitive answer: "Windows is great, it's the other manufacturer fault and placing your ps3 within a radius of 100 miles might also be the problem, but I will buy the PS3 when there will be good games for it so I am not biased."