I got my 360 elite in 2007 and it only failed the day Mass Effect 2 came out (Crashed during gameplay) and due to the error being an E74 error I had it fixed for free and no problems since.
So in all I have had the 1st 360 I ever owned.
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First one had a crazy issue with the disk drive where the disk drive would keep opening and wouldn't stay closed so any disc based games were unplayable but the rest of the system was fine. Got sick of it and went out to buy a slim, haven't had any problems since