I have a PS3 CECHA01with a 500Gb drive, recently upgraded to the latest update. Used it on the 2nd of this month, it's been off (red light) since tonight, turned it on , tried to go to NetFlix, got blank screen, put in video game, nothing happened, put in blue ray, nothing happened (blue light did stay on when disks were inserted). Can navagate to internet and Playstation store but playing disks and NetFlix, a no-go. When on NetFlix, have to press power button to turn off system (green light blinks & I here a three beeps, then the unit shuts off)
You should take this time to backup any data that you don't want to lose if you haven't done so already. If your PS3 dies, all of the data on the hard drive will be unusable unless your PS3 is revived.
I am saying that the PS3 would need repairs to make it functional again if it were to die before you made your backups.