January 5 2001: Microsoft's chief Xbox officer Robbie Bach with the prototype sketches for the company's first foray into console gamingPhotograph: Laura Rauch/APJanuary 6 2001: Microsoft chairman Bill Gates unveils the new Xbox videogame console during his keynote address at the Consumer Electronics Show in Las VegasPhotograph: Jeff Christensen/AFPNovember 21 2005: Welcome to the next generation ... Microsoft introduces gamers to its new Xbox 360 console at an event in Palmdale, California. The company surprised many with its decision to launch the new console a mere four years after its predecessorPhotograph: Chris Pizzello/ReutersRed alert: An Xbox 360 displays three blinking red lights, indicating a "general hardware failure" — often referred to as the "red ring of death". Design faults have led to mass recalls, costing Microsoft in excess of $1bnPhotograph: Lucas Jackson/ReutersWhat went wrong? The Xbox 360's innards, with heatsinks. Where do the console's problems lie?Photograph: Graham Turner/GuardianSeptember 25 2007: Master Chief takes a walk on the red carpet at the London launch of Halo 3, one of the biggest-selling Xbox 360 games in 2007Photograph: Martin GodwinApril 29 2008: The controversial — but critically acclaimed — Grand Theft Auto IV sold out on the morning of its launchPhotograph: Rosie Greenway/Getty Images EuropeNovember 6 2008: Gears of War 2 launches in the UK. The archetypal Xbox 360 game looks likely to be a Christmas best-sellerPhotograph: David Fisher/Rex FeaturesLiving it up: A screenshot from Geometry Wars: Retro Evolved 2, the most popular Xbox Live Arcade title. Thanks to such games, the Xbox 360 dominates the online side of console gamingPhotograph: APOctober 9 2008: Visitors try out the Xbox 360 at the Tokyo Games Show in Japan. After the slowest possible start, Xbox 360 sales have finally begun to take off in Japan, where Sony's PlayStation and Nintendo's Wii have previously dominated the marketPhotograph: Junko Kimura/Getty