So, no luck, PS3 still not working, i.e. it does the following:
(Not my PS3 btw - just someone with a similiar issue)
I think that this is also called the yellow light of death in some circles, but there you go.
Anyway, contacted Sony, but all that they could do since the warranty is out of date is replace my PS3 with a refurbished PS3 for £145.00. Since I didn't fancy what would be in effect be a second hand repaired model for this price, I have decided to get a new model.
Unfortunately PS3's are completely sold out in Guernsey at the moment, so I have order from Amazon and will hopefully get next week some time.
It means that I have now lost all my save game data, but thankfully I wasn't really in the middle of anything to drastic (thank goodness I completed Fallout 3 a few weeks ago).