Yes, the time has come for my xbox. Turned it on yesterday and it was being wierd so I restarted it and oh dear! E74 ERROR glares at me in a dozen different languages. Thankfully microsoft has had the good grace to provide a 3-year warranty extension for xbox's afflicted with this error, so it should be up and running again in a couple of months.
Sadly this is not my first xbox to break on me. My first one ever stopped reading discs and was out of warranty so is useless, i'm not even sure why I haven't thrown it out. Probably something to do with the good memories on there.
Its crazy how many xboxs do break, I read a statistic that said it was almost 30% which is staggering for a £200 machine. It probably goes to show that microsoft rushed it out to beat the PS3, and is a bit shady of them, but hey, who is going to sue microsoft?