Alright I finished adding the paste.
This is what it looked like when opened up (I have the launch version):
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Worst part was removing the mother board and putting it back in.
Anyway my console is still loud, but not as loud as it was before. At least it was worth the shot.
Same with mine, did it last night. The paste was cracking dry and filled those gaps around the chip nearly completely. Plus it was full of dust.
Now it's clean and silent.
But it won't accept discs. It will eject, but not accept. It seems from waht I read on ifixit I didn't connect the big flat ribbon cable well enough, so I'll have to reopen and re-attach tonight. Unless someone else has a better suggestion.
Also, someone mentioned the eject screw for the drive, but which one is that?
Edit: done. The cable was loose as I suspected. Thankfully it's easy to pull up the power supply and reseat the cable.
It is so much quieter it's incredible. It now tops out at "lvl 2" which before kicked in after about 5 minutes on the homescreen, let alone games. 25 minutes of sitting in the MGS helicopter and it's barely audible. Next time I'll do the memory chips too if I need to reopen it.