:)
Smart move going for the 360. Then you can play exclusives on both
The 120GB hard drive is alright too if you do a lot of downloading and put a lot of music on it liek I do.
If the error problems you are referring to are the red rings of death, then theres always a small chance. However, they have greatly improved production quality, and only a few consoles per thousand get it now. Microsoft is still strong with their warranties and makes it painless to replace.