On the above posts:
-There's no recall coming on the 360, it's just a rumor. Some people have gotten their games scratched to hell because they've been changing orientation of the console while a disc was spinning. This happened with the PS2 as well; it's always been a risk.
-There are issues with a small number of power adapters overheating, but that might be caused by user placement of them more than a design flaw. Still, some are bound to be truly buggy. Call 1-800-4MY-XBOX and they should replace malfunctioning equipment within a business week.
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I got my 360 launch day. Had to stand in line at Walmart for 16 and a half hours to get it, which was fairly miserable, but I think it was worth it. It's a very sleek new machine with a seamlessly integrated Live service. I've been enjoying it quite a lot the past week, between playing PDZ, downloading trailers and demos, and messing around with the Live Arcade.
It's also a big damn bastard, with just a deceptive profile in the vertical position. The cords and power adapter make it feel a lot bulkier to set up than the Xbox1. (Sidenote: I fear for the Japanese reaction to all this. All that talk of making a smaller console is really out the window.) The controller redeems these flaws, imo. It's pure goodness, a perfect union of form and function.