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'm on my second, my first one (Which was an Elite) had a Broken Disk Drive, basically, it couldn't read the disk, it could, but takes a long time, so now I have the E-Slim