Microsoft Has via the Xbox Support page that the mysterious E74 error is now covered by the RROD's three-year warranty. Microsoft has determined "that the E74 error message can indicate the general hardware failure that is associated with three flashing red lights error on the console," and will "refund to customers the amount paid for an out of warranty repair due to a general hardware failure associated with the e74 error message."

 

If you don't automatically receive this refund by July 1, 2009, you'll need to claim one through xbox.com/support before November 1, 2009.