Anyone else have a single "Red Ring" on their Xbox 360 after getting the new update?

We got into the New Xbox Experience on Monday (the last round of people to get it early). It worked fine Monday and Tuesday. We made Avatars, downloaded games to the hard drive and watched a couple netflix movies. Then this morning we turn it on and we had one red ring (I believe it was in the lower right) and the message "error - contact xbox live support" (in like 10 languages). On the bottom of the screen it said "E 74". Since the Xbox forums are read only right now (due to the update) I am having a hard time figuring out if this was caused by the update or if it was strangly bad timing on our console's part. I should mention this was an elite that was bought about 10 months ago to stand in while our regular 360 was getting repaired from the rings. If I remember correctly though the ring was red all the way around when that one broke.

Anyone else have a single "Red Ring" on their Xbox 360 after getting the new update?
My friend just downloaded the NXE and got the bottom right corner red with the E 74 error aswell on his Elite. He also mentioned before this happend he could use the xbox but screen was covered in green snow almost like matrix coding before the red light kicked in. I bought my elite so I wouldn't have to worry about the redring of death but now I'm scared. I want to know if anyone else has this problem on their elites.Anyone else have a single "Red Ring" on their Xbox 360 after getting the new update?
its an electronic Fuse, number 74, that has stopped working. I THINK its something about the HDD.. try using the 360 without the hard drive.... does it work? then its a fault with the hard drive.. Still not working, then its a console fault. either way i think it needs sending for repairs





OH GOD! i turned it on today and YES, red ring!



DAMMIT!



this isnt cool, seeing as i changed the fans on my xbox a while ago (it was overheating)... ah crap...Anyone else have a single "Red Ring" on their Xbox 360 after getting the new update?
I received the red ring also after downloading the new update. I'm now will send in my console. =(
I just got the same thing a few min ago only right after updating but with the same errors and failure... WTF?