Micrsosoft has decided to extend the warranty on their Xbox 360 console to three whole years from date of purchase with regard to the fabled three flashing red lights hardware error, all other faults will still only covered by the standard warranty.

If you've had this failure before and had to pay for a repair, Microsoft will allegedly be reimbursing you in the near future. All this extra customer service is expected to cost Microsoft in the region of $1.15 billion, a lot of money. Of course the

"The majority of Xbox 360 owners are having a great experience with their console and have from day one. But, this problem has caused frustration for some of our customers and for that, we sincerely apologize," said Robbie Bach, president of Microsoft’s Entertainment & Devices Division. "We value our community tremendously and look at this as an investment in our customer base. We look forward to great things to come."