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Early November it happened to me. Yellow light then flashes red. I rang Sony they did a troubleshoot over the phone. In the end it was due to a hard drive crash. They said my warranty was up, but they asked for the serial number off the back and then they said because it was bought on launch they would replace it.
A guy showed up from DPD with a refurb PS3 and swapped it for mine. Phew.
I was watching 24 on dvd and now i have to wait till I get it posted back.



Ynwa.