PS3 is more complex and has no mechanical issues (that I am aware of). My 360 died (red ring) and got fixed. Was generally fine after that. I also have 2 sitting in my office with Red Ring, and it seems to be a pretty common problem. The towel-fix is only temporary (as far as I am aware) and I have no idea why it works (and why, for only a short time). Both systems get pretty hot and apparently that additional cooling fan for the 360 causes more harm then good to it (are you by chance also using one of these?). Also, make sure you keep it in a well ventilate place (not in a cabinet, for instance) since it does generate a lot of heat.