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My Phat 80 gb MGS4 ps3 was dead too about 2 weeks ago ( 3-4 days before Dark Souls came out). I did a reflow ( Heat gun + Thermal Paste, not a hairdryer)and it is still working as of right now. Although, I don't think it'll be for long but it still gave me time to do a backup. I also just bought a ps3 slim bundle, so right now I'm backing up the old ps3 1 last time and then transferring everything into the new one.

Point being, the reflow did work on my ps3( although I fucked up 2 of the big screws securing the heatsink, and somehow it wasn't a problem...)

P.S It was the YLOD right? A brief yellow light, 3 beeps and constant red light flashing?