My PS3 Yellow Light'd/Red Light'd

So today went to watch a movie on my 80Gb Fat PS3 that I've had for ages. Turned it on and it turned itself off and showed a yellow light qucikly then a flashing red light until you pressed on/off button to stop it blinking. I tried a couple times in a row but it kept happening. I just tried now (5 hours later) and it worked.

Should I be concered?

your ps3 has the yellow light of death it seems. your ps3 for now is broken. there are short term fixes that will allow you to get the system to start up so you can backup your game saves but the fix will never last longer than maybe a month or so. happened to me with my 60gb fat ps3 and i did the fix and it worked for 4 days and broke again at which point i threw it away and got a slim