While not at the level of Xbox 360's notorious Red Rings of Death hardware failures, PS3s do suffer from a serious hardware issue that's nicknamed the Yellow Light of Death.
If I remember, those hardware failures started happening more often towards the mid to latter half of the PS3s life cycle unlike with the Xbox 360 where it started becoming a big issue very early on.
Might also have been around the same time as when the Wii started to have its own serious hardware problems involving the disc laser.
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