The PS2 was my first CD based system, the first one I had was a hand me down slim model, and it died. I immediately went out and bought a brand new one. But the fact that the guy who gave it to me only had it two years before giving it to me (and I know the guy really well, he takes great care of his stuff) makes me kind of weary about these modern systems (my old NES is still alive and kicking, this is what I am used to when it comes to game consoles. Over twenty years of gaming, and my PS2 was my first ever experience with the death of a console). I do not like the idea of having to replace the things every three years or so. I'd really like to get a 360 sometime within the next year, but I have heard a lot of about the red ring of death.

So, for Xbox and Xbox 360 owners out there, what kind of life spans have you gotten out of these systems?

Also, if I were to start looking at 360s, what size harddrive should I get it with? Is the harddrive that important?