the fail rate falls within the normal fail rate for all electronics, i have had a launch console and havnt had anything wrong with it, same goes for all the people i know with 360's as for the intercooler that cidien talked about, they do more harm then good, they leach off of the 360's power supply making it unsatable...if your 360 does have a heating problem, get a usb powered fan, like the fanstand. as for the v2, its unconfirmed becasue its more then likally a lie...it was spread by this video http://www.youtube.com/watch?v=tcACuy4x8nA pretty convincing looking i admit, though if the guy was smart enough to tape up the serial number on the 360, id also think that he would cover up the tattoo on his wrist, MS would have found that guy right away and fired him for leaking company secrets...and becasue its MS it probably would have hit the news, and they would have had to have confirmed it, or it could very well be that the guy is a moron, and ms is keeping him quite somehow, who knows, thats just my 2 cents on that
It is better to sit and be thought a fool, then to speak and be proven out right