Your PS3 is fine, if you had a blinking yellow light your need to worry. Just hold the power button down for ten seconds or so when you start it up. That will reset it to factory settings. IF this does not work check your cables and try again. Sometimes it is a bit touchy, but after a few attempts it will kick to a reset screen. This ahppens to me like once a week when I boot from linux back to the PS3 OS.

if you are telling truth then just exchange it. no big deal

imo your trolling from reading your last paragraph

That sucks, but like everyone else said, call Sony, it should still be under warranty, and the sooner you get it shipped, the sooner they fix it and you're back to playing MGS4 :D

I asked the question here as I didn't know if the flashing red light = death, I am going to try that 10 second power button hold when I get home in about 30 minutes. I figured I could get tips (as I have) on how to possibly power it back up or at least get the MGS4 disc ejected. If anyone has a picture hosting site I could post a pic of my amazon receipt, but I don't have a digital camera (gasp) to show my PS3 w/SN, but seriously I came here looking for help and not to troll.

Like all electronic goods, if it does die - the chances are it will die in its opening 50-100hrs (if not, its likely to last the distance). Its just bad luck - when I got my launch Wii, the SD card reader died the 2nd time I used it.

Its under warranty, go get it replaced. They will get the disc out for you.

AFAIK, the flashing red light means that the system is overheating. (At least, that's what it says in my manual) Just leave it off for a while and try the aforementioned reset (hold down power button for 10 seconds). If that doesn't work, just send the thing back to Sony and they will send you your MGS4 and a new PS3. (They may even send you a new MGS too...)

If its two weeks old you have nothing to worry about, it's still under full warranty and will be replaced, just send it on in.

I can't do what you're saying:

I pulled out the cables and left em out while back at work after my lunch and so I've now plugged them all back in and the PS3 has just a red solid light.  When I hold the power thingy (put my fingers over the contacts or whatever) it still acts as if I just tapped it--I get the power on beep, the green light goes on, then flashes yellowish once, then the 3 consecutive beeps and the flashing red light. I didn't really notice the yellowish flash once before the flashing red...does this mean anything different?

If I hold the power button the whole time there is no difference.  If I hold the power button down while it's flashing red it only reverts to a solid red (off).  Rinse and repeat.  Guess it's pooched.

edit:

BTW did this happen because I played it while it was 88-90 deg in my house? I did play for like 4 hours or so (MGS4 is addicting).. I was a little wary of playing it while it was so hot but it never acted funny at all so I just kept playing.  System worked fine on Sunday and Monday though.

you will need to send it in.  the exact same thing happend to mine, with the exception that i didnt play it on a hot day.  i had my MGS4 bundle ps3 for 3 days, less then 10 hours of powered on time (plugged into an APC battery backup even) and i came home form work, tried to turn it on, and just get flashing red.  it will not eject either.  2 of the guys i work with got ps3's on the same night i did, from different walmart stores, and they had the same issue, we are all waiting for our shipping boxes now.  i have a 360 thats never had a problem, and i have a ps3 for 3 days and it dies. just my luck.

Hmmm, if all of this anecdotal evidence is to be believed....

Oh, wait, I'm a pessimist, so this thread is a waste of space :)