My PS3 just died, and my short research on the net indicates that it's basically a brick. There's a fix... that involves taking it apart and reflowing solder on one particular set of chips. Out of my league, and in many cases apparently the "fix" lasts only a few weeks.
This really sucks because it's one of the 60GB early models, the first ones which actually were backwards compatible in hardware. I actually DO play some PS2 and even PS1 games, so this matters to me.
So now I either have to get a new PS3, or sell back all the games I have (at ruinous discounts) since they'll be useless without the console.