Million miles more reliable. Still louder than they should be, but nothing extreme.
Im not sure they are anymore reliable, myself and 3 of my freinds have just had our Elites fail within a few weeks of each other(all were nearly a year old). Also, the replacement from a well known high street store seems noisier than my old one(i suspect it is a refurb though).
Having said all that i would still go for an XBox for Fable and the many other games coming out up to Xmas.
Im sure most people can cope with a week of no xbox in their life too if you ever do have a problem ?
My new arcade is far, far, FAR quieter than my old premium.
My launch console was near enough silent, it doesn't mean anything.
They wouldnt have been the newer design, as these have a 175W PSU, and produce less heat/noise. The first Elites, AFAIK, where essentially the same old design, just with HDMI.
Id say that the 360 is pretty reliable now, that is to say as reliable as consoles are, dvd/br drives seem the weak points on the 360/ps3 now, and are more unreliable then they should be.
My launch console was near enough silent, it doesn't mean anything.