sorry to jump in. I have yet to buy a 360, mainly due to the "RING" problems. I have a ps3 and wii and have yet to have any problems. My daughter keeps hounding me to get a 360. Do they "RING" due to heat or is it due to other problems?
The 2 big problems were over heating and cheap solder. Who knows if they've actually fixed it. I just watched a bunch of youtube videos of the new "red dot of death". I'm not sure that I'll be willing to buy a 4th one, if this one goes bad.
I bought a 360 back around x-mas 2007. It red ringed on me in Nov 2010. Microsoft extended their warranty by 2 years after the date of purchase for the original 360 design. I was one of the lucky ones and my x-box ringed 13 days before the extended warranty expired. I had done all of the tests that Microsoft makes you run through to determine the cause of the red ring failure. They said it was the unit. I sent off my X-box to them and within 2 weeks I had a refurbished replacement sent to me with a free month of Gold membership as a "sorry gift", which was nice. I plugged in the new 360 and within 2 hours it red ringed. The problem was not either unit it was the power supply. I replaced the power supply and everything is fine.
The original design of the Xbox 360 was plagued by several design flaws. They did come out with several motherboard revisions and a few minor case revisions. However the majority of the issues were never addressed in the original design. When you take the plastic case off of the Xbox 360, you are greeted by a interior metal case. The motherboard is held to this case with a few different screws. This is where the main flaw of the Xbox 360 lies. The way that the case is designed allows the motherboard to bend and flex. This can be especially problematic in humid areas where the moisture in the air can aid the motherboard in bending in the middle. The interior metal casing does not provide enough support to keep the motherboard from bending. When the motherboard bends, it puts stress on the solder joints beneath the CPU chip and the GPU chip that are located in the middle of the motherboard. Over time, these solder balls will begin to separate from the chip and then you get the red ring. There are actually over 50 different errors that are represented by the red ring. The main cause for all of them is the same, but it can vary based on the chip. There is also a phenomenom called "tin whiskers" that has been found in the Xbox 360. The solder that Microsoft used when they built the console contains a high percentage of tin. Over time, tin can grow little crystals that are known as "tin whiskers". These crystals can grow at a rate of 1 mm per year and over time can actually bridge components.
So to answer your question, the new Xbox 360 slim has a completely different motherboard and chipset. They have combined the GPU and CPU onto one chip and added an actual fan on top of the heatsink. The casing seems to provide better support, so the main cause of the Red Ring appears to have been eliminated. However, other causes such as "Tin whiskers" may still appear. It does not appear that the new 360 has nearly the failure rate of the older models.
I've gone through hundreds of Xbox 360's and I've seen pretty much every issue that can possibly come up. None of it is enough to keep me from enjoying my console. Hope that this answers your question!
thanks for the great response!