I was worried as you are, but I gave mine to local guy who owns a games shop here. He had it fixed in under 3 hours!
Works perfectly now.
Btw, mine is an NTSC-J console and was purchased much before the 360 was officially launched in India.
You think PS3 is without problems of its own? Check out Spin of Death (SOD) in google and you will see that PS3 has its own reliability issues. My PS3 got the SOD, 3 months after use, It took sony more than a month to give me a replacement 40 PS3 againist my 60GB one and it took them 3 months to refund me the price difference (5k) betwen the two models.