My 360 gave me 3 red lights 3 days ago. No amount of disconnect and reboot would fix it. It had been about 6 months since my last exchange at EB games, as teh 360 was freezing often back then. So now, I'm on my third 360, which I will pick up tomorow, same time as FM2. EB Games wants to charge $95 dollars now for extended warranty and they only exchange for a refurbished, not new console anymore. Since I bought my first 360, I will have spent a total of ~$200 ($50+50+95) for all my extended warranties, so I don't have to suffer the Microsoft console exchange shipment delays.
I know it was my choice to pay for the extended warranty, and I got what I needed from it, but I don't expect to have to do it for EVERY CONSOLE I get from Microsoft.
I'm certainly not happy.