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Read Sony wants $150 to basically swap your PS3 with a refurb. You lose your data, and in my case, probably the backwards compatibility that comes with the original fat PS3. Save yourself the headache and money with this easy fix.
The repair went smoothly minus a few hiccups that were my own fault… I had a disc in the drive when it died so I had dismantle the drive to manually remove the disc. Did the YLOD repair successfully (took about 3 hours because there are SO many screws and pieces) but when I tried to insert a disc, the drive was still thought it already had a disc inserted so wouldn't accept another. Had to dismantle again to manually reset the drive. The disc was now accepted but made a whirring noise and didn't mount. A quick internet search showed that I had one gear misaligned. Fixed and everything is back up and running. Not sure how long this fix will last but I made a backup so that if I ever get a permanent failure, at least I'll have my game saves.
Use separate containers for your screws and label by which step they came from for easy reassembly.