I got my 360 elite in 2007 and it only failed the day Mass Effect 2 came out (Crashed during gameplay) and due to the error being an E74 error I had it fixed for free and no problems since.
So in all I have had the 1st 360 I ever owned.
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I've had mine for three, going on four, years now. It's the Elite as well. Funny, because my brother got a Slim Arcade (the white one) and it [i]just[/i] got the Red Ring of Death last night. Thank God it's still under warranty.