Yes, it has its problems (the earlier ones anyway) but microsoft has recalled most of the systems with all the problems, and the newly manufactured ones have been revamped and almost all the kinks have been fixed. My friend bought his about a month ago and says its working perfectly fine, hasn't frozen once on him, the only real problem he had was converting his Xbox games over to the 360, he had to order a special disk for that, but he's done that now and all his previous Xbox games work now for the 360....I've played just a little 360 and I plan on buying mine sometime in the near future, I would of had one by now but Gearbox has pushed back Brothers in Arms: Hell's Highway to Q1 of 2007 so I can wait a little longer and let my finances rest....Jackal
And lets face facts the Xbox has flatout better games....
Buy the premium 360, and get the nyko air ventilation thing that i got. it's $15 im pretty sure, and you just snap it on the back of your 360 and it is garunteed to stop overheating. and believe me...it's powerfull ventilation
mind you that only a very few amount of 360s being made now are bugged compared to the first couple waves of 360s.