Just got it back. Correction: got back a replacement unit. Unpacked it, connected. Blinking red ring of death.
sigh I could call the UPS guys, they can't have gotten far...
Wait - 4 elements, not 3. It just means the AV cable is not properly connected :)
Now downloading Bioshock (again, for good measure), Skate, Blacksite.
Now, what to do with that complementary 1 month free Xbox Live Gold.