Suggestion:
Sony have indeed released a new Playstation Protection Plan. However, it is currently only available to US users (not sure where you live). It costs $59.99 to extend your warranty for 2 years or $49.99 to extend it for a single year. I'm unsure if you would be able to apply that to a fixed/refurbished console, but it is worth a try.
If you live outside of the US then there has been no word of when continuous play might return, or if it even will.
www.ylodoptions.site88.net/
That site can provide you with free information about what options you have available to you.
Good luck with your YLoD
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Well it depends on what system you have. If its the old backwards compatible ps3 then the answer is no. If its a newer one then you may possibly be covered.
If you aren't under warranty now then the cost of repair will be $150 usd. So look at your options. If you have an old ps3 IMO it would be cheaper to fix it yourself.
Here is a great ylod fix guide: http://www.ps3repair.net/fixyourps3
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