Awesome consoles, though they have a design flaw that's plagued consoles of their particular generations; use of lead-free solder.
The PS3 is vunerable to a problem called the yellow light of death, where that little green power indicator turns yellow for a half a second, and then shuts off after beeping three times. This happens for the same reason why the red ring of death occurred on the Xbox 360, the lead-free solder cracked and disrupted the connection between the processors and the motherboard, and the system can't work after that.
You can fix this by yourself if it happens to your PS3, but it's time-consuming and a bit difficult if you don't do this sort of thing often.