It's a bummber I know... I had the YLOD happen to me this week too and SONY is already sending me another 60GB PS3. I've had mine since day one, and I don't regret it one bit. I used the hell out of it, movies, games, as a pc with linux and to top it all I just love backwards compatibility. Instead of having cluttered systems all over the place to get it all in one sexy package is priceless.
I also did some research during this down PS3-less time that YLOD is caused by a heat sensor malfunction. Now, that doesn't mean the PS3 overheated because after extensive hours of playing, mine remained quite cool to the touch. Took good care of it by cleaning out the dust from intake vents everyother week and gave it ample room for breathing.
I sincerely doubt the problem is in the hard drive. Although it is a mechanical device, it is not so subseptible to failures. If you think about it, these hard drives are also used in laptop computers. You would most definitely hear of failures across the board if indeed they were the source of the problem. In my honest opinion, it is safe to asume that this sensor is located in the power supply, and due to it's malfunctioning, sensing dangerous temperatures where none is existant, it shuts the PS3 down to prevent damage to components.
Now, repeatedly turning your PS3 on KNOWING you have the Yellow Light, may result in hard drive failure. I say this because when you power the PS3 on, it takes about 2 seconds or so for the Yellow Light to shut it off... Your hard disk spins, the hard drive attempts to boot, all of the sunden the power is out. Do this enough times and just like any computer, your hard drive will get messed up.
Most YLOD cases, myself included, happened while the person is playing a game. There should be no reason for the system to abruptly shut down... I've had instances where the system was unresponsive and it would restart automaticaly when there was a glitch or problem saving/loading a game. But notice what I said re-started. In my opinion, the hard drive only controlls data... something else is telling the PS3 to shut down and remain that way.
Just a thought... On a happier note I will be getting my PS3 back again this tuesday :)
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