According to survey data from SquareTrade, widespread Xbox 360 problems -- yes, we're talking about the "Red Ring of Death" -- are on the decline. 

According to the data collected in an independent survey, the introduction of the "Jasper" chipset in the later part of 2008 could be the catalyst, possibly having "solved" the red ring problem. The study backs up Microsoft's Aaron Greenberg's claim that rampant hardware issues are a thing of the past. Of course, this isn't much comfort for early adopters and current owners who are still having problems, red ring or otherwise. 

The SquareTrade study also shows that the Nintendo's Wii is by far the most reliable console, nine times that of the Xbox 360 and four times than of the PlayStation 3. Nintendo, you go girlfriend!

More details on the study can be found at Industry Gamers.