Ps3 broken, repair or replace?

Was about to sit down and enjoy L A Noir on Friday after a bit of PES. Kicked the ball out for a corner and the wee loading stars came up at the bottom of the screen and never left. Since then it won't read any discs so can't play anything apart from downloaded games and vids. And with the PSN down my choices are limited to a few demos, so might as well have the little light of death.

Just wondered if any techies can say whether I'd be better off buying a new one or having it fixed? Not sure as its an old old playstation (preordered before release) so its had a good 6 or so years I think. Never had any problems with it until now and didn't bother rebuying insurance for it. Like I said everything still works except it won't read discs

This is what the PlayStation Forum says:
1. Turn off Playstation®3.
2. Hold the power button down; the system will turn on and turn off once again.
3. Once the System has been shutdown, re-press you finger until you hear 2 consecutive beeps
4. When you hear the 2 beeps take finger off power button.
5. You will be prompted to plug in your controller via USB and then hit the PS button
6. The Recovery menu will pop up.

The current Recovery Menu supports:
• Restart System: Restarts the PLAYSTATION®3 System.
• Restore Default Settings: Reset all system settings back to default.
• Restore File System: Checks for corrupt/missing system files.
• Rebuild Database: Rebuilds the OS for the PLAYSTATION®3.
• Restore PS3 System: Fresh restore; Deletes everything and starts from Scratch.
• System Update: Update the PLAYSTATION®3 System

Cheers for that nando, just decided to put my hands in my pocket and get a new slimline.

PES?! Good man, you have taste that Brad Pitt would be envious of!