Microsoft will repair/replace any Xbox's that have the RRoD up to three years after it's been purchased. You just have to call Microsoft and have them diagnose your console. They've changed their policy now and you will have to supply your own unmarked box to send your console in, however they will cover the costs of shipping both ways. It took me a couple weeks for my console to return to me, which was nice.
Obviously returning it is a lot more convenient, but if this happens after the 30 days then you can still have your console fixed through Microsoft's warranty.
