Extended Warranty for the Xbox 360
Good news, Microsoft Corp. announced that it would be extending the warranties on the Xbox 360 for 3 years starting from the date of purchase globally. Almost all of us have experienced the 3 red rings of light on the ROL, due to the recent problem we’ve encountered, our warranties are covered for 3 years (finally). Due to the high rate of hardware problems, it’s good news. Personally I like this news very much, good for me and my 360.
The Open Letter from Peter Moore to the Xbox Community states:
As of today, all Xbox 360 consoles are covered by an enhanced warranty program to address specifically the general hardware failures indicated by the three flashing red lights on the console. This applies to new and previously-sold consoles. While we will still have a general one year console warranty (two years in some countries), we are announcing today a three-year warranty that covers any console that displays a three flashing red lights error message. If a customer has an issue indicated by the three flashing red lights, Microsoft will repair the console free of charge—including shipping—for three years from the console’s purchase date.
Oh… and one more thing which is truly exciting, is that you can be reimbursed any who paid for repairs related to the 3 red rings of death. I’m glad, I stuck to my 360, finally I can have peace of mind, and lots of gaming time again. 
We will also retroactively reimburse any of you who paid for repairs related to problems indicated by this error message in the past. In doing so, Microsoft stands behind its products and takes responsibility to ensure that every Xbox 360 console owner continues to have a fantastic gaming experience.