Had the three red lights happen to me last week. It turns on, but I don't get a signal. My brother called Microsoft and by the looks of it, either something overheated or the internal part of the power supply blew out. The guy said not to use a surge protector to plug the 360 in through because the power supply already has one built-in. They're going to send us a box to put the 360 in and ship to them (for free). The repairs will be free as well.

I got the 360 in March, but the build date was Jan. 18, 2006. So not the very first batches, but very close.