I should really get the warranty for my 360. It hasn't had any problems yet, but still... It's good to be cautious.
I did have one scare though, and I'm not entirely sure what happened, but I think something came unplugged while it was still on, so it shut off, and when I plugged it back in, it gave me the red ring temporarily until I turned it off normally, then unplugged the power source, and plugged it back in. o: