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The thermal compound used on the 60GB versions is crap. Hopefully they fixed that on the newer consoles or we will have the same problem with those. I cleaned mine out and put Arctic Silver 5 on the CPU/GPU and smoothed out the heat sink as well. My 60GB/320GB now runs much quieter for a longer period of time and when the fans do kick in on things like folding, they go back down much quicker as well.

The problem is that 3 years of junk compound, there is probably not much left on the chips and they are getting too hot. Mine were almost bone dry.