When my 60GB crapped out in 08 (about two years including about 6 months of non-stop 24/7 Folding) I just bought a replacement since the PS3 saw daily use. About two months later, after I got tired of looking at my $600 doorstop, I sent it in and got a refurb back. Now I have a back up.
If you have data on your HDD that you didn't back up and want, you might consider doing the reflow fix so you can get your videos and game saves off (manually, no back up as it won't work on any other console). Eventually it will break again though so it's pay for a refurb or just buy a new one and sell your brick for parts on Ebay.







