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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.
I have mine laying vertical, in my opinion it makes it easier to insert the disc (I had my old PS3 this way and it kinda blends in with my TV stand too)