Yeah, ours did. It wasn’t so bad. There are some things you can do to try to rule out the power supply (because believe it or not sometimes the red rings are actually the PS) but for the most part, it just has to go in. We got ours back in about 3.5 weeks I think, during the X-mas season.
We don’t run it. But, I have read many times that running the machine on it’s edge, rather than down flat is better for cooling. We are running ours in a cabinet on it’s side again. I keep telling Derryk to open the door when he’s running it, or it will be gone for 3-5 weeks for repair again.
I turned on my 360 to make sure it worked when we moved in at the beginning of June, and haven’t touched it since. And the only reason the PS3 gets turned on lately is to watch a movie. I just haven’t been much of a game player lately.
But I had the ring of death about a year ago, and it took around the same amount of time as Bryan said.