Microsoft has denied that the "E74" Xbox 360 error message is the new Red Ring of Death, although it admits the mutually ominous signs of a dying console occasionally happen for overlapping reasons.
"No," the company told Kotaku when asked if E74 is a replacement for RROD. With that said, "The E74 error message can indicate the general hardware failure that is associated with three flashing red lights error on the console."
"In some cases there is no difference... However, it is not the same failure mode in all cases and there is no single root cause for these malfunctions."
Microsoft recently extended the Xbox 360 warranty to cover E74 messages, so however your console dies, it should be covered.
The company maintains that "a very small percentage of our customers" (same wording then and now) have suffered console death at the hands of E74.