I have gone through the RROD issue once. That was about two years ago and the second 360 has not had any problems.
I also, just two weeks ago, had my PS3 go down. It stopped playing Blu Ray discs and gave an error that I have found other people have experienced as well. Since the system is not covered by the warranty, I had to buy another one.
The one positive thing about all of this is I was able to upgrade from the 80GB to the 160GB PS3.