One day my PS3 was in the middle of an update and it shut down unexpectedly. When I tried to turn it back on the light would turn green, then yellow and then blink red but the console would not start up.
Overall it was a success. I followed the instructions and brought it back to life. Very happy about that. Due to an issue with the thermal paste application (more below) I had to take apart and put the PS3 back together twice before it worked. Mine was a MGS4 80GB model CECHE01 and a few of the internals were slightly different. In particular, one has to be careful removing the top cover because the ribbon from the bottom half to the memory card reader is attached to it. I almost ripped mine not realizing it was there.
I think the part of the guide regarding the thermal paste application could use clarifying. The first time I tried the repair the console would start up and then overheat and shut down after about a minute. After taking it apart again I realized the thin spread of thermal paste on the chips was not contacting the heat sink. I would recommend 1) adding a dot of thermal paste on the center of the chips to ensure proper contact, and 2) removing the fan and emphasizing the need to push the heat sink securely onto the CPU/GPU before reassembling.