i got rid of my 360 to get a wii. i enjoy it much more. before that though I had my 360 around three years. 2 rings in that time, and it went the same way that others have said. receive the box, ship, receive a different console. 3 weeks go by. they give you a live card good for a month to compensate for the lost time. why can't they just send a new console to begin with and you send them the broken one?
i also tried to get a black one in place of the other the second time. i argued that it couldn't cost any more, and that it would look better with all the other stuff in my entertainment center, and it was the second time i had been inconvenienced. no dice though.
I'd get a Wii too... if I was 8