I got my 360 a few months ago (manufacturing date was 2/26/08), and I too live in fear of the RROD. I try to keep it dust-free and well-ventilated, but I've had it freeze on me a couple times - both times while playing Uno, for some reason - and each time I got a knot in my stomach.
I honestly don't remember ever hearing about this much hardware failure for a console as I have this generation. I've had a PS2 since 2001, logged a ton of hours on it, and it still works fine. I've had to pop it open a few times to clean the lens and do some general tweaking when it has trouble reading discs, but once I do that it always works well again. And I bet I could go to my parents' house, plug in my SNES, or even my NES, and both would be fully functional. Especially the SNES. Didn't even have to blow in the cartridges for that one.