I had that error. E74 error is due to some video hardware melting. I sent mine to Microsoft and they gave me a brand new one. You have to be careful when you submit a repair form though. I'd say stick with the fixed (if for free) 360 until the next gen consoles have a release date, which is rumored to be as early as next year.
You mean updated systems or is xbox releasing a brand new console? What about PS? Is 4 already coming out too? Interesting...
How much is the slim 360 going for? There are no problems with it? I might try and do a trade in because I've read that gamestop buys broken systems so I'd take that money and save up and put it towards either getting a PS3 or this new slim 360 you're talking about.
Get a new slim for sure and shit never has problem.
My Xbox 360 has been broke for like a year now. The thing can't read discs, and now I can't even open the damn tray. Been too lazy to get it fixed or buy a new one, and I don't feel like shelling out the cash. I don't play video games that much. I'll definitely bother myself to buy a new one by the time Gears of War 3 comes out though.