BSOD's are quite rare for me, even on my old WinME machine.
The last one I had was on that WinME machine, about 2 years ago, when I attempted to reboot while still connected to the internet on dialup. I would say that was a modem issue and not a Windows issue, so I don't feel it says anything negative about Windows, itself. That particular modem will always
cause a BSOD if you do not disconnect before attempting to reboot or shut down.
I used to get them quite frequently on my P3 (ran WinME, too), and it was related to the ATI graphics drivers. Again, not the fault of Windows.
Almost all cases of BSOD's that I have seen can be traced to bad hardware drivers, an antivirus malfunction (McAfee & Norton, most commonly), or a failing hard drive that is causing data corruption. I have never actually seen one caused by Windows, itself, except once...
Back in the Win98 days, there was some sort of IE vulnerability
that could be exploited in AOL chat rooms by typing a certain string of text, that would cause a BSOD and disconnection of everyone in the chat room that was running Win98. That wasn't fun, but Microsoft did patch that about a month later, although some people are slow to update their systems (some things never change) and the problem persisted for a lot of people, for many months.