This is the second time that my 360 has red ringed. I do have to say though, I've not been as unlucky as other people. I got my 360 at launch and it lasted for almost two years before it red ringed and that was about a year ago.
I know a lot of people seemed to have problems with the return and repair as well, but last time I got mine back within a week and hopefully it'll be similar this time.
I'm kinda bummed about not having my 360 though, especially since I stop work today for holiday for the next two weeks. But I'll catch up with stuff I wanted to get playing on the Wii I suppose and there's still Crisis Core on the PSP and a ton of books I need to read.
I'll maybe even post my thoughts on Alone in the Dark while I'm waiting as well. I really do need to start updating this thing more often....