i think that's a rumor.. because when i bought my elite about 3-4 months ago the sales guy at sears told it it had 5 years. i was like holy shit sweet! when i got home and opened the package and read all the crap it only had 1 year. though up to 5 years worth if i purchased the extended warrenty that is offered. i purchased an additional year of warrenty for mine right after i got it, the lady i talked to on the phone stated the start date and the finish date of my warrenty which it pretty much started 1 year after the purchase date of the console.so if they extended the warrenty to 3 years for every console well then i must be missing years or something. they should have told me after i purchased the extended warrenty that the 360 has 3yrs instead of one.
edit: i just did some searching for the 3yr warrenty thing to read up on some of it. i guess they did do this in mid 07, but why wouldn't it be given to my 360 after it was purchased after the date of their announcement?