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I got a yellow light on my ps3 a few months ago on my 60gb and was pretty pissed about it at the time, especially since I had to pay $150 to get it taken care of. However it ended up working out ok. Sony's service was fantastic and I had a new 60gb back in my hands about a week after I sent it in for repair. And for good measure I took the opportunity to throw in a brand new 500gb hardrive for my new system.

I asked sony what had went wrong and they told me the main problem was a high accumulation of...dust in my system. They told me to put a low powered vaccume to my system every once and a while, lol.