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I made a search for threads like this, and I found one made in 2008.
One of the replies was to Stand it up to allow more air flow to the PS3.
Another was to lie it down to allow more air flow to the PS3.
I figured I'd make a poll to see what everyone's take on this is.
The old Fat Ps3's you could stand vertical and it looked ok because you could rotate the little playstation icons round on the ps3 slims you can't do that so only option is horizontal.