http://www.youtube.com/watch?v=MZUgX9PX60o It's not DoA - I had played about two hours worth of games on it scattered throughout last week. I bought it 26 August 2007, and then brought it home for today. I started it, and it was fine, but I wanted to connect to XBox Live and play some Geometry Wars. Since you need to connect to play more than the trial, I did so, and it asked me to install an update. It installed it, restarted, and as I was registering myself, the console suddenly froze.
I shut it off, then restarted and I got the three red lights, which in Net speak, basically means that your Microsoft Console has bricked. I called product support and they were quick in registering that console in my name and then arranging to send a new one. However, it'll probably be about 4-6 weeks before I'll get the new one in.
Enjoy the video. Also, note that there were quotes saying that the XBox 360 Elite was supposed to be more robust against these 3-red light errors... I guess not.