Good stuff! It was alive for almost 4 hours before it died on me. I was going through the set-up procedure but I couldn't log into PSN so I decided to just shut it down and wait for a bit. I keep it next to my PC and suddenly it just ejects the disc I had put in. Alright... fine I guess. A little later I start it back up and PSN seems to be back in working order but the console is now sounding as if it's trying to eject a disc every 5 seconds or so, even though it doesn't have a disc inside it. I can't insert a disc either, because it's constantly trying to eject.
Check around online, all I find are people who either returned theirs, or "fixed" the problem by either standing it vertically or laying it down horizontally, depending on the poster. Looks like I am going to have to return it. Good thing I have World of Tanks and Neverwinter to keep me occupied while I stare at this Assassin's Creed disc on my desk, hehe.