Flame_Kettle tipped me off that Microsoft has officially expanded its warranty policy covering their Xbox 360 consoles.
Effective immediately, any Xbox 360 is covered for general hardware failure, indicated by the three flashing red lights in the Ring of Light, for three years from the date of purchase, and this warranty extension is retroactive and affects every console in existence.
If you happened to pay for service related to general hardware failure, you will be re-imbursed, and please note that all other warranty issues remain under a one year term.
You can read the official release with the full details here.
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