Hrmm.. I'll relate my 'near-death' experience.
My set is a 80G SG model. Bought in Nov 07 if i'm not mistaken.

No problems whatsoever..until I d/l the U2 beta,
Could play 1 round of co-op, but then when I ventured on to a 2nd round...bam! PS3 shut down with the red blinking lights. Pretty terrified so i hard-offed the PS3 from the switch at the back. Switched back on and it was fine, tried to U2 again..same thing.

After that was kinda scared so deleted the demo and that's that.
Few weeks went by, got the game, played about 30 mins, and the same thing happened. On offed the ps3.. tried to play again and it shut down within 5 mins. Well after that yeah, haven't touched it since

Can play all other games fine. That day played PES for 4-5 hours straight.
The fan has been loud before, but it's never switched off.
Uncharted 2 is the only game that does this

Oh really,my 40GB(placed horizontally) is the hot air come out from the back of the console only,when i touched the side vents,i dint feel any warm air coming out,but i feel the cool air is like going in leh,just like my ex-Xbox 360.
Your model is 60GB?Is that any different between 40GB and 60GB?Please help
I have put a table fan to flow the cool air in to the console through the side vent.So far dont have any prob,its already 2 month already