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It has been given to me to understand, from anecdotal reports from coworkers, friends, and online, that the Red Ring of Death was most likely to appear after the warranty expired. The problem became so widespread that Micro$oft extended the warranty to three years after the date of purchase.
I may be wrong on the length of the warranty, as I do not have a 360. I'm waffling between buying a 360, buying a PS3, buying a Wii, or building a new gaming PC. I'm leaning toward the PC, because even if some games come out for both PC and 360, the PC version (given you have the "recommended" hardware/OS) is usually the best of the versions, and often comes with editors which allow you to either make your own maps for the game or download user-created content for free.
Here is my reason to not get a 360, but buy a super-powerful gaming PC:
The Elder Scrolls IV: Oblivion. The Xbox 360 version contains the original game. Period.
The PC version contains the original game and the editor. This allows you to make dungeons, tunnels, sewers, caves, entire towns, and locations in the Oblivion plane. Additionally, other software you can download from the internet for free (tools such as the GIMP and Blender) can be used in conjunction with the necessary plugins to create your own models, from people to weapons and armor, and even your very own spell effects from scratch. Using these tools, Cyrodil- the country TES4 takes place in- is now as varied as the various users' imaginations.
Another reason, gamewise, I would tend to buy a serious gaming PC before I would buy an Xbox 360, is Valve Software's Orange Box. While all the included titles on the 360 version are also present on the PC version, the PC version's textures are known to be better than the 360 version, and (especially on higher-end machines) the framerate is also faster on the PC version.
However, Valve has also made the software development kit available for the PC version. This allows users to create their own maps, not only for Half-Life 2 (one of the best shooters, if not the best shooter, ever made, period), but also for Half-Life 2: Episode One (And Two, I think), but also for Portal- and please believe me when I say, the Orange Box is worth the price for Portal all by itself; that game is as close to perfect as any of us are ever likely to see.
So I'm learning to make my own Portal maps- and 360 owners (please, someone, correct me on this if I'm wrong, because it's an important detail) are not able, to my knowledge, to make or use maps created by themselves or other users on the 360 version.
To me, it is just as important that I be able to play user content as it is to play the game itself, because being able to play with user created content vastly increases the value of the product. Oblivion may have been $60 when I got it, but I've gotten many, many times the original value from it, simply because of the user content being made. Every now and again, someone creates a spell or armor or a quest that just sounds like it would be fun to use, and that keeps the game installed on my drive and keeps me coming back again and again.
The Portal user maps will keep me playing that game for years to come. And Portal is a "side dish" to the Orange Box.
If you must have a console, the 360 has more games, the PS3 is more powerful on paper, the 360 uses HD-DVD, the PS3 uses Bluray. The 360 does not come with an HD player; the PS3 is an HD player- but you need an HDTV to benefit from either capability in any case (I have a big HDTV, and I have to tell you- seeing is believing. It's a very visible difference from standard definition.)
Hope all my PC-fanboi crap helped. :P
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