[Update 2: The results are in, check them all out right here.]
Considering the Red Ring of Death (to put it kindly) debacle, we're going to be extremely careful with what we say here. We're starting to see and receive numerous reports from readers, friends and in forums like this of Xbox 360s becoming the victims of an error labeled by the console as "E74." We've received only a few of these reports (two in '07; one in '08) prior to the recent barrage of complaints. When contacted, a Microsoft rep told Joystiq she wasn't familiar with the problem (the company is currently looking into it), so here's what we've been able to piece together by ourselves:
The E74 error seems to be related to video problems. It's occasionally caused by a faulty AV cord, but more often than not, the solder on the ANA/HANA (in HDMI models) scaling chip has come loose. In fact, many have reported creating a temporary fix by wrapping pennies in electrical tape and weighing the ANA/HANA down. (For the record, we're not suggesting you do that.) Before the error, the system usually starts showing graphical problems like lines across the screen or snow. It's accompanied by one red light in the lower right-hand quadrant.
So, we've got a poll right after the break where you can weigh in with your own experience. Also, if you've got more details, we'd love it if you would email us here.
[Update 1: Our friends at Negative Gamer just sent this interesting Google Trends result our way. As you can see, E74 was basically a non-issue until August of 2008. Interesting ...]