Don't listen to these generalizations that the 360 is unreliable. They likely have the same failure rate as any other electronic device -- only, in this case more people with problems are posting about those problems in a shorter time-frame than others. If there were forum threads about systems with no problems, and users felt compelled to post about it, it would be hundreds of times bigger/more than the failure threads.
I have several friends with the 360 and I have 2 myself and none have had the slightest problem.
The 360 definitely has its plusses, but whether it's right/worth-it for you, is really up to you. We enjoy ours very much.
I'll probably buy a PS3 when they come out too -- but mainly for the Blu-Ray player in it (unless other HD players come way down in price).