My first PS3 died a few months ago. It was the 80GB model and I'd had it for only 4 years. I think I actually went a little insane when I found out. It stopped reading disks, so the system didn't actually die, so to speak, but I couldn't play anything on it. Since my warranty was well and truly out, I got my Dad to help me try and fix it, since this was apparently a common problem. The issue was that there weren't fix issues specifically for my 80GB one, so when we pulled it apart we ripped off an important part, as instructed by the video, it was a reattachable part in the later models, but not in mine. So now it really can't read disks. It can power on and such, though, so I refuse to throw it out. I did the hard drive transfer of all my saves (apart from games that wouldn't allow it), synched my trophies, and got a new 250GB one (which thankfully my parents got for me, since I couldn't afford a new $500 console).
I am so paranoid the same thing will happen to this one though. Meanwhile, my Sega Genesis and PS2 still work wonderfully after over 10 years of rigorous service. They don't build them like they used to, huh? The funny thing was, the guy that sold my new PS3 to me was also saying how his PS2 still works, even when one time he left it on continuously for 3 weeks straight because he lost a memory card and wanted to play through one of his games.
R.I.P. 8/8/12, my dear friend.