The "Red Ring Of Death", the symbol of a catastrophic system failure that has become an icon of the 360's lifetime, will soon be no more, as the new model of the console won't display a ring of red lights.
Deciding to take the opportunity for a clean break, Microsoft has not included any red lights in the console's "ring of light", only green ones, so if something goes wrong this time around, you'll get a ...green ring of death. Which is surely more calming! red dot of death (see below).
The Red Ring - or RRoD - had become less common in recent years as Microsoft gradually improved the quality of the Xbox 360, but it was still an issue in the general consciousness, so it's understandable the company would want to clean the slate. Let's just hope the new console has the reliability to really put the RRoD to bed.
UPDATE - According to Microsoft's support team, while the console won't display a "red ring" in times of hardware failure, it will still clearly indicate an error by switching its power indicator (the light in the centre of the ring) from green to red. So we'll get a red...dot of death instead. RDoT. It has a certain ring about it, no?
Xbox 360 slim 17% smaller than original, incapable of RROD-ing [Joystiq]
E3 2010: No More Three Red Lights [IGN]