Before you get your hopes up, Microsoft revealed to IGN at E3 that the latest revision of the Xbox 360 slim will not feature a red lights system and therefore no RROD. This does not mean it will not fail, it will just indicate it in a different way instead.
Corporate Vice President for Microsoft Game Studios, Phil Spencer told IGN:
“Now obviously, the box has a way to communicate to you if something has happened…but yes, three red lights are not part of our sequence of telling somebody something is wrong. Obviously if you look at the success rate of the original 360s, we’re very proud of both the way the company stepped up to support the customers that we had as well as the success rate we have with the box today. I think we’ve learned a lot. That learning has gone into the development of this [new] box.”
Twenty bucks to anyone that names the new fail and the term sticks.