HardOCP News
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It looks as though Microsoft will be extending the warranty on the Xbox 360 to one year from the date of purchase. The warranty adjustment is retroactive so if you have paid for repairs within the first year, you will be reimbursed.
The new warranty policy is retroactive, so if you already paid for an out-of-warranty Xbox 360 repair within one year of purchase, you will be eligible for reimbursement of you console repair charges. Looks like refund checks will begin going out in the next 10 weeks. Reimbursements will be automatically distributed, so you don't need to contact Microsoft.