I have heard a lot about YLOD and the Red Ring of Death. I have never experienced it, mainly because I never do anything to cause it. My PS3 is nearly 6 years old now, and I haven't had a problem, well except for the wireless going, I can't play wireless anymore.
I don't have an Xbox, so I can't speak about them, but I have friends' who have them and they also haven't had a problem.
It's already been said, put your console somewhere safe and keep it there. If my PS3 was to fall over, I would be unbelievably upset. My girlfriend once picked it up to polish and she get told to put it back.
My computer is the thing that I use the most in all the house, if it went...... Well, I wouldn't be happy. Lol.