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My son complained about problems with his PS3, where the yellow light would come followed by the red light and the unit would turn off. He mentioned something known as the "Yellow Light of Death." I conducted a search on both the term and PS3 problems. iFixit was one of the results.
I ended up only purchasing the kit minus the heat gun (see below). The pads were a perfect fit for each chip. I followed the instructions and, as directed, followed the reverse to put everything back together. I plugged the unit in and turned it on and -- BAM! The PS3 worked like a charm. My son says it sounds as it did when first purchased -- as I managed to clean out over five and a half years of dust buildup. The tool kit will be of great use for future small electronic projects.
First off, this repair will take much longer than one hour. Also, I looked at the price of the YLOD kit and figured I could go to my local Microcenter and purchase each item for a better deal. I was wrong. All told, I ended up paying almost double the price by purchasing the thermal compound, thermal cleaner, heat gun, and tool kit from Microcenter. I also purchased general purpose circuit pads only to find out they were much too thin for this project. If you're having the same issues don't hesitate, suck up the shipping & handling and buy the kit from iFixit. Besides, the iFixit tool kit is much better than the $30 tool kit I bought from Microcenter; and the tool kit has a bit for each and every odd shaped screw on the PS3. This is a must if you want to avoid damaging those strange shaped HDD screws.