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I think it's good that they've actually admitted it, I can't read the link yet but what does this mean for the people who have already bought one and their warranties have run out already?
They are going to give the extended warranty to new and existing machines, and refund any charges made to people who've needed to get one fixed.
The cynic in me thinks that $1 billion is like pocket change to Microsoft and they're just trying to buy our loyalty after releasing a problematic console, plus their getting one over on Sony who never really helped out with my 3 PS2s that died of Disc Read Error.
The gamer in me recognises that my XBox 360 is working fine so far with no hints of problems and I now have an extra 2 years warranty on it courtesy of Microsoft, literally worry-free gaming for the next 24 months.
The consumer in me appreciates good customer service when I see it, and recognises the clear signal sent out that Microsoft want to be in this business for a long time to come.
So overall... I think Microsoft have done the right thing and I'm more confident personally that I made the right decision when I decided to invest my gaming time in them.
That's... pretty generous.
If it goes I'll not be a happy bunny.