Sorry about your 360, Zhaus. Personally, I had a 360 come with a cracked faceplate, and had called EB. After a few minutes of arguing back and fourth they had someone higher up then that actual store call me. At this point he had said he would put my name on the list for the next batch of 360s and then call me in to exchange it. Hopefully you'll be able to get something similair done with your machine.
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From the looks of it, MOST of them are defective.
Everybody I know that has one has some kind of issue that prevents them from playing games.
Most? That would be more then a 50% chance of bringing home a defective console. I doubt it's even 5%. If the ratio was as big as you think it is all over the news there would be headlines of "$400 For A Red Glowing Box" instead of "360 Launches and the Lines Are Huge!!"
bad headlines, but I'm sure you get the point.