Just to join the reliability survey:
Nintendo Entertainment System - December 1987 - X-Mas present. Occasionally does the blinking screen thing. No other problems.
NEC TurboGrafx 16 - December 1989 - X-Mas present. Later equipped with TurboBooster for A/V output. No problems.
Super Nintendo Entertainment System - December 1991 - X-Mas present, bought at launch. Discoloration of exterior. No other problems.
Sega Game Gear - December 1994 - X-Mas present. Have gone through 2 rechargable battery packs. No other problems.
Nintendo 64 - December 1996 - X-Mas present, bought at launch. Later equipped with RAM expansion. No problems, later sold.
Sega Genesis - March 1999 - Bought used. Model 2. Occasionally takes a few tries to get past the SEGA screen.
Sony Playstation - August 2000 - Bought used. SCPH-7001. Victim of failed modchip install. CD drive unit later installed in SCPH-7501.
Sony Playstation - December 2000 - Acquired used. SCPH-7501, with broken laser unit. Successfully modchipped. Replaced CD drive with one salvaged from previous PSX. No problems, later given away.
Sega Dreamcast - June 2001 - Bought new. Model 2 (non-CDR) Dreamcast. Modchip and blue LED installed. Replaced dodgy power board with a Model 1 power board. No other problems.
Sega Saturn - October 2002 - Acquired used. Model 2 (round buttons). Modchip and region switch installed, battery replaced. No problems.
Sony Playstation - October 2004 - Acquired used. Refurbished SCPH-1001, V2 board. Modchip installed. Severely worn out laser, took multiple tries to load any games. Complete junk, given away with purchase of PStwo.
Sony Playstation 2 - February 2005 - Bought new. SCPH-70012 (slimline). Modchip installed. No problems.
There's probably a moral here. One other than "modern consoles aren't built well". Although with the older PS2 and XBox... well, maybe my friends just can't take care of their consoles. Not necessarily "sony sucks" either-- that damn early model PSX, though... maybe not buying used consoles is the moral.
For what it's worth, I've never had heat problems with any of my consoles. That one computer on the other hand...
Edit - Nards, forgot the Jaguar. Never had any problems with it, either. Don't quite remember when I got it, but it's secondhand.