So Microsoft sells faulty consoles. It turns out they also have the best online community (aka Xbox Live). It is arguable that sure, you have to pay for XBL, but it's only like $2 something per month if you jump on one of those 12+1 Month Cards. That's pretty cheap.
I would say the average lifespan of a Microsoft 360 Console is at least half a year provided you keep it in good condition, in a roomy environment, etc.. my 360 isn't trapped in a cage, so it's been going strong for quite awhile now. I really don't care about the RROD or refurbished consoles anymore due to the fact that I can install discs onto my hard drive and I can barely hear the disc drive run. As long as the 360 works, it's good. And because it has the best online community, makes it even better.
You can argue your case that PS3 has better online community than 360 (it really doesn't), but really, all it comes down to is if you're too cheap to afford XBL.
edit: Also, if you get the RROD, you're eligible for a refurbished console if you send yours back to Microsoft. The refurbished consoles have more fans and shit so they don't break down as often.