AVS Special Member
Join Date: Jan 2007
Location: Where the sun don't shine.
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Hair dryer essentially remelts the solder points, particularly the ones that broke/cracked/separated.
Apparently, the solder points are lead-less, which also has a lower melting point.
I believe reballing still uses really hot air. But, you're putting in new metal balls to solder on again.
If you're going to go with a new PS3, and just need this PS3 to be up as possible, you could just go with a reflow. But, it's not that much more for the reballing process, and most places will give you a warranty on the work.
I found out that doing a backup and restoring to the new PS3 isn't the best method, as copy-protected content will not carry over. If you want everything to copy over, you need to use the PS3 data transfer utility. I believe this process is actually shorter than doing a backup.