Mmmh, my 2 cents OK?
I transformed the farenheit to Celsius (as I'm european and we don't use that temp scale) this way, which I believe is the correct one: °C = [(°F - 32)x5]/7
here are the results: 120° F= ~ 63 °C
110° F= ~ 56 °C
Consider, also, this: I have an old Xbox1 that was modified to be used as Media Center. When I boot it up it shows me both the MB temp and the CPU temp.
The highest one is also the most critical one, and AFAIK the CPU (even in the mid of summer) never went over 56-57 °C, while the MB temp never went over 43 °C
(92.2 °F), like 7°C over the room temperature.
That Xbox never had any problem and is now 3 years old.
OK here is what I think: for every kind of material on this earth there are a critical temperatures and if those are surpassed, there are a change in molecular states. Those changes happens in a REAL SMALL RANGE of temperature.
Take water for example: if it stays well below zero, no problem, it stays in solid state (ice), but even if you put it like near 1°C (33°F) it will very slowly melt.
So if the problem for the Xbox 360 was that the temperature melted the soldering of the GPU because it reached a temperature that was slightly critical, in few hours of gameplay the disaster happens.
As I noticed, keeping the console on the side and having room around the heat fans prevents overheating, but I'm unsure if it's enough.
So even if you think that 10°F are not much, it could be well more than needed to keep the disaster (Red rings of death) at bay.
Let's hope they didn't use cheap soldering material and they put a good heatsink to evacuate the hot air that is produced by the components.