I'm happy to say Microsoft took great care of me and my faulty Xbox 360 Elite, since it was still within the 3 year "Hardware Failure" warranty period. I received a brand new Xbox 360 Elite last week (it was manufactured in June of this year), and the total turn around time from the night I placed the call, through packing it up, shipping it out, and receiving it was less than 2 weeks. I played Civilizations Revolution last night for hours and my sweet little 360 chugged right along, good as new...because it is! Nice work Microsoft, now stop making terrible hardware!
I can't wait for Netflix online to be accessible through Xbox LIVE later this year!