Yeap, my 360 has just gone tits up! Its only 5 months old. The strange thing is that it failed today when I connected it via the component leads for the first time ever!
Connected up to HD TV, booted game, 60 seconds into game it crashes! Reboot causes 3 red lights.
I first assumed that hopefully it was something to do with the component lead, but swapping to a VGA lead (that I have used for a while) still showed problems.
Anyway, trying out the towel trick now, but I don't hold out any hope... it seems to suspect that it happened at the exact time as using the component lead for the 1st time ever!
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