Entering Reset/Safe Mode will help with some problems such as a blank screen at startup. Sometimes the sys gets set to HDMI rather than RCA and the reset forces the sys to return to default (Red, Yellow, and White cord).
NOTE: IF YOU HAVE AN OLDER MACHINE - 2008 OR BEFORE USING V2.3 OR EARLIER YOU CANNOT RESET USING THE PRESS AND HOLD METHOD. I SPENT A YEAR TRYING VARIOUS COMBINATIONS ON MY MACHINE WITHOUT ANY SUCCESS. iNSTALLING v2.76 CURED THE PROBLEM INSTANTLY. DO NOT WASTE YOUR TIME FUTZING ABOUT WITH BUTTON COMBINATIONS FOR HOURS LIKE I DID.
If your BRD isn't working blow it out using a duster with a probe attachment. If it doesn't work, especially after an update, this is a common problem. In a year of reading about this (my BRD is hosed) the solution is getting a new BRD. If you can't do it yourself then a repair shop will usually charge around $100 to fix it. What I've read is the updates increase the number of hits to the BRD and this will overheat the laser buring it out. There is a law suit pending in Florida in regard to v3.0 bricking scads of PS3's. I'm not sure what the current status of the suit is.
if you are considering sending your machine back to Sony and it is not under warranty, Sony charges $150 and they only give a 3 month warranty. if your repaired machines bricks on day 91 you get to pay another $150. Sony is rumored to be using parts pulled from bricks to fix bricks so sending in your brick does not mean you are getting new parts. There is also a chance they will send you a different machine rather than the one you sent in so you might trade a BRD issue for a mobo issue or a CPU/GPU issue or some other flavor of headache. Since you might not get back the machine you sent in you should backup the HD to flash, pull it, or pull it and swap a smaller drive if you have one.
I love the PS2/PS3 but Sony honks hard core.