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My friend's launch model PS2 died the first month he had it from DVD use. I got mine after the first price cut and it lasted a year and a half. Luckily I got the extended warranty after seeing what his did.

I don't have a PS3 yet, but he has had his since launch. He doesn't have room near his TV for a lot of equipment, so he uses the PS3 as his primary DVD player. I think that is foolish, but so far it still works like new.  

Even though the Blu Ray format seems to be winning the format war, I'm not going to invest any money in media or players until HD-DVD is dead.