The newer ones don't have anywhere near the failure rate, however, they do still fail. Mine has red ringed once. No big deal, though, They send you a box, postage paid, you mail it off and they send you a repaired one. Mine was a year old before it red ringed. I sent it off on a Monday and I got it back that Friday.
Seeing as one of them (my cousins's) is sitting on my floor with a failure ( the new one to pop up no video ) which he just got this one from MS after sending the old one back a number of times and having his father cuss them rep out the last time, I disagree.