The boys over at Kotaku got MS to answer a few questions about that pesky E74 error, which we assumed was the silent RROD. Turns out that there’s some overlap between the new error and the old RROD, but it only affects a very small percentage of Xbox 360s.
“In some cases there is no difference. As we said, the E74 error message and three flashing red lights can in some cases indicate the same general hardware failure. However, it is not the same failure mode in all cases and there is no single root cause for these malfunctions.”