I recently had the RROD myself. They shipped me a replacement system that I can only assume was refurbished, although it still had the plastic tab over the IR eye on it, and appears to be in great condition. Coincidentally, I never bothered removing that tab on my old 360. They also sent me a little card with a free one month extension on XBL.
I've been playing mine pretty steadily since it came back to me and it hasn't given me one little hiccup of trouble.
I think it took less than 2 weeks from the day I shipped it til the day I got it back, as well. Quite impressed with that.
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