The PS3 does run very hot... almost as hot as a power amp.
Soon after I bought my PS3, I bought a Nyko Intercooler, because my console was in a relatively cramped space. The cooler did add some noise, especially on the high setting, but it definitely increased the air flow. It worked great for a short time, but it eventually started making a whining sound, so I removed it, and I haven't used it since. It's a shame, because I really liked having the power button on the front of the console.
Since then, I've moved my PS3 so that it has plenty of ventilation.