3 xbox 360s here (and one original xbox) and never had a red ring or any issue. The first gen 360s are a little noisy but the newer gen is sweet.
As for TV - most of the apps I need are there but some need a little work liike the HBOGO app. It insists on sorting episodes in reverse order. You can change the sort but but the next time you have to resort. Why do I want to start at SE3 EP12 of Deadwood when I just finsihed Episode 6 of season 1 a day earlier.
Also, many complain that you need a Gold membership to view content that is free on other devices. This is a drawback but since I have 3 xboxes, I purchased the family account that comes with 4 memberships for only $99 per year. My son can play Modern Warefare while my wife an I watch HBOGO and my daughter watches Family Guy on Netflix.
That said, I do think we should get Hulu Plus for free since we are paying for a Gold membership.
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