I don't believe it. I had my original Xbox 360 sent in for repair about a year ago and they sent me a brand new one back. Now that's got the three red rings.
So gutted, I'd just downloaded the new Fable II DLC.
I guess the newer consoles are more reliable!?! I'm hoping they just send me a new one back rather than trying to repair this one. Why the hell do they have to get sent to Germany as well!