This is the best system to have this generation, tons of more games than the PS3 and if you don't exactly enjoy waving your arms around than your stuck on this as your home console. It's a great deal too, the only problem that people have been able to bring on it is the hardware malfunctions which M$ has already fixed in their new batch of 360s and the new extended warranty where they fix 360s for free.
Personally my 360 has never broken on me and I used to leave it on all night for downloads and such. It does freeze a lot though especially on Xbox Live, it's kind of like a computer in certain ways that it freezes a ton and overheats a ton where it will just randomly shut down on you if you play it for more than 3 hours consecutively.