My Elite made it 6 months without problems, and I play the thing less than most "gamers". I bought it after sending my Premium in for repair 3 times. My Elite has now been sent to Texas 3 times. It's no RROD, just drive failures.
I'd like to see spec on a decent gaming pc, along with prices. I've got a pretty badass home computer, but "cheap" is relative. Some would consider mine cheap, though $1300 for the pc alone (no monitor, or other peripherals) is still a big jump from the $400 I paid for the Elite. But, the PC has yet to suffer any problems. The 360 looks great hooked up to the 42" Toshiba LCD in our bedroom. Still enjoy gaming on a console more.