I'm going on the record to say that this is "THE" fix for the 3 Red Lights failure. I have a system purchased at launch and it's been a solid performer... that is, until about 3 days ago when it finally failed (screen freeze, artifacting, then RLOD).
After reading a little I came across the "towel trick" and this thread. Both makes complete sense, but with this being a "recent" failure, I wanted to try this without using the towel trick. I think this would prove that this could be used as a "proactive" trick. That is, if you're not having issues, and you do this NOW, you'll avoid future issues. I truly believe that it's the "warping" of that area by the X-clamps.
With that being the case, I would imagine that the failure rate is probably close to 100% (I'm curious whether horizontal or vertical orientation makes a difference), and it's just a "matter of time."
After installing the fix in this thread (the most difficult part is removing the original X-clamps... BE CAREFUL!), I've been stress testing for about 6 hours, with no issues to report. Basically this fix flat out works... I used no towel trick or heatgun, and still have had success. I agree with the OP that that may be a good initial first step, but for me it was unnecessary.
Thanks for this thread, and the fantastic fix... and boo to MS for giving me a great gaming machine that has such a design flaw!!!