A bit of a surprise but the PS3 started working again and long enough to get into the settings and reset the system, wiped the drive which was pretty full. The console continued to work for over a day and watched a Blu-ray on it and then red flashing light once again.
It certainly seems to be an overheating issue and while I can make use of the US warranty I have to cover shipping to the US which isn't going to happen:)
Anyhow, looking into a cooling approach (so Voodoo graphics) so there is hope.
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