Microsoft has made a number of refinements to the manufacturing process to reduce the likelihood of the RRoD. It can and does still happen, but not at the same ~33% rate it did with the first two generations of Xbox 360 console. We're looking at more of a 5-10% rate more than likely, which is pretty reasonable for any mass produced product. That means, on average, one out of every 10 or 20 units off the assembly line is bad. Those are pretty good odds really, even though it may not sound like it.
The early adopters got screwed, but those of us who held off buying for a couple of years should be fine.
Are the xbox 360s that are being sold now that have supposedly been updated and stuff really less likely to get the red rings of death? I mean sure microsoft moved stuff around but from your personal experience are they really less likely to get the red rings of death?