I had an Xbox 360. Packed up on me within 24 hours. Sent it away, got a new one and 2 days later. Guess what came up? Red Ring. Sent it away, got a new one. A week later, it packed up again with the red light. Once again, I sent it away with a LETTER OF COMPLAINT. Got a new one and within 1 hour it packed up. Bought a new television, replaced all the wires and fuses and got a new Xbox sent out. It worked for 6 months, until the red rings came up again.
I then got my money back, added a little extra and bought a bloody PS3. Hallelujah! It works. No problems at all. Brilliant controller, brilliant graphics, superb games and great fun online especially with Call of Duty with all my friends.
I've got a 52" 1080p LCD. The graphics for that basketball game are immense. Looks almost like real TV where they're playing.
Playstation 3 -- it's the way to go.