Microsoft Extends Xbox 360 Warranty To Three Years

Microsoft has extended the warranties of everyone who has purchased an Xbox 360 to three years. Originally good for 90 days, then moved to one year, this latest move costs the company $1,000,000,000!

It comes amidst internet reports of widespread system failure - aka the red ring of death - of the new console. As an owner myself, I have already taken advantage of my warranty once on the red ring. While the problems are definitely frustrating, I can say that Microsoft did a good job of turning it around quickly.

Read more on CNN Money.