I have a launch 60 gig backwards compatible PS3. I recently cleaned out the dust and replaced the thermal grease on both of the CPU and GPU to keep it in good shape.
What seems to happen over time is that either the GPU or CPU start to lose contact with their heat sink and overheat. You will start to notice that the air coming out the back of your PS3 is cool, which is also a clue that you have a problem.
If you don't want to do it yourself you can probably find a computer shop in your area that will take your PS3 apart and reapply the thermal grease.
I don't know how much this helps, but when I measure the temperature on my PS3's vents I get anywhere from 100 - 120F. I measure the temperature with an IR temperature gun.







