Is X-Box going out?

Got a 360 in December 2007. Probably a year later, I got the red ring and a black screen with white text telling me the machine had encountered serious problems and to contact Microsoft support or something along those lines.

I turned the thing off and turned it back on. Everything was fine.

Another year goes by with no issues, and then last week I get the same red ring and same error. I turned it off again, turned it back on and everything seems fine.

Has anyone else had this? I was under the impression if you got the red rings, your system was fried.