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I had a launch EU 60GB PS3 break on me, 8 months after launch, through overheating, but I had an orange light on mine. I was sent a replacement PS3, which was a REFURBISHED console, it had a faulty drive, so I sent it back and got another REFURBISHED one, which has worked fine for the last year and a bit

It is worth waiting for E3. If they do announce the slim with BC for $300, then go for that, but otherwise having the BC launch models does have its advantages