I've just had this come up on the display whilst starting up the console. Happens within 10-15 secs of powering it on. The system is completely frozen, but no abnormal lights on the front of the xbox.
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It's the component model, so no HDMI. Tried changing the cable but it is intermittently happening with both.
If it's the component model only, it's a good deal old and that points it towards the GPU on the fritz alright.I'd start calling tech support