There's a game store near my house selling used 360s for $110. Unless I have no idea what I'm talking about (possible), that seems awfully low for a next gen system, even a used one. Is this thing worth picking up? Are the failure rates really as high as I've read (upwards of 50%) and is that why it's so cheap?

I'm fairly new to this generation of consoles - I don't own any, unless you count the Nintendo DS. I've played a fair bit of Wii at a cousin's, some 360 here and there and absolutely no PS3. I originally wanted to pick up a PS3 slim because I'm really interested in Sony's recent and upcoming exclusives (Demon's Souls, Last Guardian, etc). But the thing is most of the next gen games I want to catch up on at the moment are multi-plats like Oblivion, Fallout 3, etc (I'm behind, I know), so the smart thing seems to be to get the 360, and then wait until the Slim drops in price (or at least starts showing up used) and then grab that plus its exclusives (which will no doubt start showing up used, too).

Anyway, if you're still reading - thoughts on the $110 360 deal? Worth it/not worth it? Good/bad investment? Is the failure rate blown out of proportion by fans and the gaming media?

Thanks in advance.