Not so with the Xbox 360, I'll cite Wikipedia on this one:
On February 8, 2008, during the Game Developers Conference 2008, Microsoft announced that the "Failure rate has officially dropped", but without mentioning any specifics.[28] The same month, electronics warranty provider SquareTrade published an examination of 1040 Xbox 360's and said that they suffered from a failure rate of 16.4% (one in six).
Personally I'm on my third Xbox 360 after the first suffered a Red Ring of Death failure and the second had a faulty DVD drive that killed any inserted disk, destroying my copy of Rock Band. It actually convinced me to switch to gaming on the PC, as I refused to trust my Xbox and I didn't want it to fail until I had finished the Mass Effect trilogy.