Huh. Funny timing. Looks like I now have the flashing red lights of death or it's just overheated. It turned itself off twice, I'll leave it for a while then try again.
Edit: turns out it's YLOD. Looks like I'll be picking up a 250GB on Monday. Only problem is that MAG is stuck in the YLOD'd PS3...I was able to turn it on for a few seconds after the first time it switched off, I should have used that window of opportunity to eject the disc.