Let me ask a question, and I use this to describe the Xbox as well.
Both the Xbox and the PS2 were hardly perfect products in terms of lasting ownership. Dead drives and laser failures, overheating, skipping, not reading certain disks very well.
Now, I have to assume that at least the first shipments of Xbox 360's will be plagued with failures down the line as well. Same with the PS3.
Would you really rebuy one of these consoles if it outlasted your warranty?