For some reason the colors on my Xbox 360 are suddenly all messed up. It boots up fine, but after a few minutes, the color blotches and it looks like I'm in "safe mode" in the PC, with only 64 colors or something. I tried changing my HDMI connection to Component, and I get the same problem. It's not just the dashboard, but it affects the color in all games too.
I don't have any error messages popping up, and I don't have any red rings. I have one of the "Falcon" Elietes, with the 65nm chip and lower watage power suppply. It's run like a rock for almost a year (even when it was on for almost 10 hours in a row for a Halo LAN party). Is the GPU chip failing?