I had RROD about a year ago. Reheating the GPU and replacing the x-clamps on the heatsink with 12mm screws fixed it. I used instructions from, I think it was, llamaguru.
The problem is probably the lead-free solder. New ROHS regulations mean that companies have to use tin solder. After repeated heating and cooling (sa turning devices on and off), it becomes brittle and cracks.
Reheating the system makes the solder flow again and fixing the heat sinks means the temperature differential isn't as bad in the future.
If I get RROD again, I'll just get in there and resolder the board with my stash of lead solder.
RROD: It's a perfect excuse to mod the hell out of your 360.
But anyway, Microsoft did add support that allows players to save their games to USB devices. I might see if I can't copy my data out to a jump drive, take it to the PC, and work with it there.
(I do like the PS3 though. Once GT5 comes out, I may have to get one. There just isn't much on it right now that interests me.)