You wanted to spend some quality time with your favorite XBox game. So you pressed the power button. Unfortunately all that came on were some pretty flashing red lights.
You became a statistic. A Microsoft fatality. One in 33% of all XBox 360 console owners.
Soldering Accessories
(This has apparently dropped to 6% on the newer models, so if you manage to get it with one of those, then you really have to feel special.)
Now you are faced with the choice of sending it to Microsoft to be fixed, or to dirty your hands yourself. Let's look at the pros and cons.
Microsoft
-They send you a box, you pack your precious cargo in it and send it off.
-You sit with no XBox and have to resort to twiddling your thumbs.
-A week later and you are still twiddling your thumbs. Frantically.
-10 days to 4 weeks later you have your new XBox. It's time to rejoice.
(It's probably not really a new XBox though, just a reconditioned one that some other poor statistic like yourself sent in.)
-You play your heart out, getting new mileage on all your games, all the while hoping that it doesn't happen again...
Fix it Yourself
-You find a good guide online after wading through many dangerous and downright inappropriate "fixes" like the "towel trick".
(You feel proud of yourself for resisting the towel trick, knowing how it would have overheated your console- shortening the lifespan of your XBox, and that it only would have been temporary anyway.)
-You worry a bit about voiding your warranty, but are relieved about the fact that after 2 hours you'll be battling Slash in Guitar Hero again.
-You are secure in the knowledge that should those pretty red lights show themselves again, you have the cure.
Whatever you decide to do, appreciate your XBox once it's fixed. And good luck with Slash!