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I wouldn't. The DVD drive is the second most-mentioned cause of failure, it only has the 1-year warranty, and it costs $99 for out-of-warranty repair. You also get a used, worn controller instead of a clean new one.
Also, unless it's a Falcon the odds are way too high that it will RRoD on you, meaning a 2-3 week loss of the console, and possibly getting back a refurb that's just as unreliable.
I bought my first used one here about a year ago (for GTA4, before the delay) and it RROD, I called MS and they asked about the original owner, so I gave them all the info and they transferred the warranty over to me. Took just a few mins. My second used one I bought a month ago has also been transferred to me. MS has decent CS. Just wish they didnt need to have so many issues. But, at least they do right, for the most part.
If you want to get a 360 either:
1) Get a new 360
2) Get a used 360 but make sure you're at least getting a Falcon. Easiest way to check is to check the wattage. Should have a 175 watt draw.
Only if you prefer blu-ray support and PS3 exclusives over 360 exclusives, its larger library, and Live.
Falcon reliability seems "good enough" -- the DVD drive still is a $10 jet engine for some people (depending on which model you get) but RRoD seems to be almost gone.
If you can get a Falcon for $250 shipped vs. $350 new it might be worth the risk of an out-of-warranty repair.
I'm waiting for the expected Fall refresh to the 360 (with GPU die shrink to 65nm), but that's only because I have a huge stack of PC, PS2 and PS3 games to work through and I don't care about the GTA IV exclusive downloadable content on the 360.
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