Microsoft extend the E74 warranty to 3 years

[Davey_Pitch]

Microsoft’s confirmed it’s to extend 360 hardware warranties for those suffering the increasingly infamous E74 failure.
“While the majority of Xbox 360 owners continue to have a great experience with their console, we are aware that a very small percentage of our customers have reported receiving an error that displays ‘E74′ on their screen,” the firm said in a statement.
“After investigating the issue, we have determined that the E74 error message can indicate the general hardware failure that is associated with three flashing red lights error on the console. As a result, we have decided to cover repairs related to the E74 error message under our three-year warranty program for certain general hardware failures that was announced in July 2007.”
If your machine suffered from an E74 previously, and you had to pay for repairs, Microsoft will refund you in the coming 4-12 weeks.
If you get the E74 message it essentially means your machine’s cooked.

Official source - http://support.microsoft.com/kb/969905

Good news for anyone who may get this problem in the future