After numerous complaints with the infamous "Red Ring of Death" (consisting of the first 3 quadrant of light to light up with red LEDs), Microsoft has finally stepped up on the plate to offer its new warranty extension from last December's 1 year warranty. The original warranty was 90 days, but with the rise of the Ring of Death, Microsoft, in December bumped it to 1 year and now they bump it to 3 years. Microsoft predicts that it will cost the company US$1 billion to fix all the broken consoles this year.
Great news for gamers, bad news for Microsoft.
Now I don't really have to worry about my box crashing.
UPDATE: A Q&A with Peter Moore in the original article from GameSpot available in the link above.