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My second gen PS3 40GB finally gave up the yellow light of death while playing Uncharted 3 a couple weeks back!
The repair worked! I followed along with the ifixit guide and had cups labeled with the step numbers to hold all of the screws. My system was slightly different than the one pictured, so I had to improvise a couple times to get down to the motherboard, but once there, the actual repair was easy and worked like a charm! My PS3 is back up and running again!
The Motherboard to heat sink assembly is the part I got most stuck on because my second gen system was different than the one pictured. I almost tore up the motherboard housing trying to pry the heat sink loose (as pictured), before realizing that the motherboard simply popped out of the casing at this point and I could skip some steps. Once I figured that out, the rest of the repair was easy. [A new/alternate guide with other PS3 models would have helped avoid some of the confusion... but I am very grateful for this repair kit and guide!]