Well, no more 3 red rings of death!!! But that is only because they have changed the warning system, so it no longer displays 3 red rings when it dies
It is now apparently a dot of some kind.
I think its safe to say we'll be seeing a lot less of it though, because for one, they have chosen to use a bigger fan, which would push a lot more air than 2 smaller ones probably could, and of course, its a lot quieter.
Then there is the fact that the CPU/GPU is now made using 45nm manufacturing, instead of the 90nm in the models now.
I'm looking forward to what Kinect could offer gaming, but I do have doubts after the E3 show, where on two separate showings, with the same girl; her height/arm length/etc, etc were different on both demos.
Watch this video to see what I mean. It's rather funny; showing the low points of the E3 conferences: