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New 360 warranty: is it enough?

We asked just last week if the seemingly escalating Red Ring of Death issue was coming to a head. Now that Microsoft has changed the Xbox 360 warranty policy and even offered a public apology, it appears that the answer is a resounding yes. The timing for the announcement couldn't be better, as Microsoft would have undoubtedly been barraged with questions about the issue during next week's E3 media event. Such questions are likely still to be asked, but this act gives Microsoft some ammunition. Whether the act will be seen as an act of generosity or an outright admission of faulty hardware (or both) remains to be seen. Rather than put up a standard poll about the new policy, we're just going to open up the comment threads for discussion. What do you think of all this? For those of you that have shelled out for repairs, will refunds affect your opinion of Microsoft or the Xbox 360? If you've been sitting on the fence about an Xbox 360, will a three-year warranty convince you to buy with confidence? What else can MS do to improve the image of the Xbox?

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