PS3 red blinking light ...

It happened all of a sudden while I was playing BORDERLANDS. The system just shut off with a beep then the red light kept blinking. The PS button on controller did not work. I put my finger over the power sensor to make it stop blinking. I never had this problem before. Anybody else had this error? Thoughts on what could have happened? BTW I have a 80gb Phat with partial BC.

could have overheated

I read so many ´broken PS3´ topics it makes me frightened I won´t be playing my PS3 anymore in 10 years like I can still play my PS1 now. :(

Overheating, HDD faillures, broken lens, YLOD and the cracking noises that come out of the Slim after shutting it off, games freezing..