Some say that all paste is the same, but some swear by Arctic silver. I used the generic brand from Best Buy and it worked fine. Also, as a tip, don't put your PS3 back in the case. Put everything together, but set it on some wood blocks or something, and out of the case. I set my on some books for a few hours first. Make sure the fan has enough room to breathe. After letting it just run for a few hours, I turned it off, let it cool, turned it back on, and it's been working ever since.
This is a fairly simple process, and should only take you a few hours. The one thing you MUST be careful of though, is at the very end of the disassembly tutorial. It asks you to take the metal shielding off of the motherboard. BE CAREFUL OF THE BATTERY IN THE CORNER. If you don't work with caution, you could rip it off the motherboard and have to solder back on, which is a PITA. Anyway, post here if you used this method and it worked. So far, it's also worked for tmac619619.
Edited by Access_Denied, 15 October 2008 - 12:05 AM.