Nothing new to me. When my Wii was pulled off of its shelf by my dog walking into the Gamecube controller cord, causing it to hit the floor, it wouldn't read discs until I gave it a good smack. It's been perfectly fine ever since.
Meanwhile, the PS2 in my room here has gotten so bad that every time I switch discs, I have to take out the disc, pick up the side of the PS2 that has the disc drive, slam it against the surface it sits on, put in the new disc, and hit the reset button. Just to avoid getting a DRE.
Then there are the computer speakers that I use for my consoles (TV has a crappy mono speaker). The left one likes to cut out and crackle a bit, but a good smack to the top of it brings it back.
If the red ring of death can be fixed as shown in this video, that means I won't have to worry if I invest the money in getting a 360. Awesome.