this crap just happened to me and I'm in the same position. Has anyone happened to find a solution yet? I've read that Sony usually sends a replacement PS3 and you lose your hard drive, anyway. It also can take a month for them to send the disc back that's stuck in the PS3 (since it won't boot up at all), but since my warranty is up I'm going to open it up and get my disc out, at least.
It is ridiculous to lock the save games. I wish they could encrypt game data by itself so you could still get your music, pictures, videos, and game saves. I had several videos that I haven't watched sitting on my PS3 HD that I deleted on my PC, hours of game saves, and hundreds of MGS4 pictures (nice export feature in that game). Oh well.
Anyone returned their system and actually gotten the hard drive back? I'd rather not pay $150 just for the slight chance that I can get my data back when I could try to reformat the drive and see if that's the problem. My fan still turns on, but it could be the power supply.