Only time i ever see the red lights is when i turn on the machine before i have wired it to the TV.
Other than that, my 360 has frozen on me a couple of times but thats it.
But then, i don't play it as much as some. It has had some good long multiplayer sessions round my mates house though.... in a small room with lots of w33d being smoked, and lots of legs giving it accidental kicks as they scramble past.
I think it has lasted quite well thus far.
Bob: Nah.. Bill Hicks is over rated.. A by product of being dead.
CuriousTurtle: They should release him on PS3, then you'd love him.