The Xbox 360
has seemingly been plagued with problems
since it's release, and though Microsoft has worked to resolve these issues over time, it's been a bit slow going at points. However, the company posted
a warranty extension
today that now covers the E74 error message.
E74 is now considered the same thing as the 3-red-light issue, or as most people call it, the red ring of death. So, you can have this problem fixed by sending in your console to be repaired or replaced just as you would have with the 3-red-light problem.
The warranty has been extended to three years to accommodate for the problem. Also, if you have had the problem fixed before and paid for it, you'll now get a refund. Even though Microsoft has called the E74 error a small issue, it actually could affect all Xbox 360 models shipped prior to the end of 2008.