They did an excellent job of imitating the vocals of the original song - I'm more impressed by a parody or filk when they can do that well.
So the 360's power light really does change to red when it dies?
Yeah. It's called the red ring of death for a reason. =P But it's only three of the four lights like that.
Also, I was amused. My Xbox 360 has died on me yet, so I remain hopeful.