Power supply failed. Bought a replacement, also has a red light. Next move?

My understanding is that a red light means there's a fault with the power supply and not the console. With that in mind, do I really risk wasting another 20-30 bucks on an OEM power supply just to risk the same thing happening again or can I just break down and get a Chinese version?

I don't plan on playing eight hour sessions on my 360 any time soon and even plan on having the power strip off when the console isn't in use so if they're at least mostly reliable, it seems like it would be worth taking my chances there since I already struck out on an OEM one.

Conversely, if it's some fault with my console itself, how would I know without being able to turn it on and get RROD/error codes?