So yes, I went out and bought the MGS4 bundle last Thursday at Walmart for the $100 gift card offer. While I managed to get the bundle, I was a bit unlucky and got a PS3 that likes to overheat.
I excitedly unpacked the PS3, installed the system update to 2.35, then put in MGS4. I was happily playing away when about 2 hours later, the system beeps, shuts off, and then displays the red blinking light. The manual indicates this means the system is overheating. Originally, I had the PS3 in my entertainment center, which is open in front and in back, but perhaps it was still getting too hot. I moved it outside the entertainment center, stood it vertically, and then played for another hour when the same thing happened.
I'm quite saddened at this point, but when something is overheating, what do you do? Give it more cooling of course. I placed a tower fan directly in front of the PS3 on high, and to my delight, the PS3 stopped overheating!
Called up Sony, they basically said it's got a problem and asked if I wanted to send it in for service. It would have taken 7-10 business days, so I figured I'd try to exchange at Walmart.
Called up the Walmart I bought it from, and the other 3 Walmarts in a 40 mile radius, but none had any in stock or knew when they were getting more in. So at this point, I'm stuck with a PS3 that works only with a fan blowing on it :(.