As I'm sure you know through your overclocking experience, all hardware is fallible. However, the most recent renditions of the XBox 360 are more reliable than ever. Any new 'Slim' console is nearly certain to be fully reliable, and the previous 'Jasper' versions are nearly so, also. If it's hardware you're worried about, then don't. Microsoft's warranty is almost painless, as it covers RROD (E74 error) for 3 years and sometimes more, and they give you a month of Live as compensation for any faulty hardware.
It sounds like you want the console for games. If you already know that you want to play games on XBox 360, then you've really answered your own question. Get it. It's relatively inexpensive, and if you already know that you're going to enjoy it, then there really isn't anything else to talk about.
You should get Gears of War games