Quick update on my baked 360's:
My original one lasted for 4.5 months perfectly. Not a single lockup or anything during that time. Then it suddenly locked up and shortly went back to RROD. Note that the day this happened was an exceptionally hot day (probably 75 in my gaming room vs normal 65), and I was playing Halo 3. Today I baked it the second time, and it seems to be working perfectly again. I modified my procedure a little bit this time:
1) strip down to ONLY motherboard, then mount heatsyncs with bolts directly to the motherboard (make sure you have to correct washer count so that you aren't warping the board
2) wrapped aluminum foil around all the large capacitors on the board, as those were the ones that had leaked goo the last time (this worked really well to prevent the goo/damage. Thanks for that idea)
3) Line cookie sheet with aluminum foil and place motherboard on foil (right side up). It will be sitting on the 8 screws for the heatsyncs. There should be 4 washers on the underside of each, so this keeps it a bit off the foil.
4) preheat oven to 455
5) insert everything into oven for 10 minutes
6) remove and cool for 20 minutes
7) test everything on workbench, if all is well...
remove heatsyncs and re-install everything in case, used ArctiClean process and applied AS5 thermal compound this time
Tonight I played a few hours of Halo 3 and GTA IV without any lockups or problems at all. I am a VERY happy camper again.
As others have noted, make sure you have done the X-Clamp replacement and 12v fan mod in addition to this fix, or it will likely not stick. You need to keep the board mounted steady (the x-clamps warp the board) and you need to keep it as cool as possible (12v mod does this). I run my 12v mod at about 9v via a regular PC fan controller. This keeps the sound from being crazy, but cools MUCH better than stock. I also changed from using a wire soldered onto the motherboard to pulling 12v from the DVD cable. This is a much easier and more solid connection.
Note: I bought a second dead 360 to try the bake on. With that unit I didn't have as good of luck. The bake immediately fixed the RROD, and I can use the menus and watch videos perfectly. However, as soon as I start any game with some graphics going on, it locks up with no errors whatsoever. My guess is that this unit has some real damage to the GPU or memory. However, I will try to bake it a second time for good measure. Otherwise I guess I will end up selling it for parts (Samsung drive).