This is an update for those of you who have a Microsoft Xbox 360 game console. As many owners have experienced various failures, indicated by 3 flashing red lights on the console, Microsoft has decided to extend their warranty period from 1 year to 3 years from the date of purchase. It appears as though this may only cover the 3 flashing light errors, and not any other issues. Other issues will still be covered under the 1 year warranty. More details here.

Also, on or about July 12th, the Sony PS3 will reportedly drop in price from $600 to $500, so hold out for a bit longer if you are planning a purchase!