I took a chance on this because lately the fan on my PS3 slim has been constantly loud, as though it's spinning like it's life depended on it!! I bought this vertical stand/cooling fan and it has solved my problem. The fan in this stand can be heard, but it's very quiet and unobtrusive. The PS3 is secure in the stand, but it seems to sit in place, rather than firmly lock into place.
The blue trim that you can see in the picture is an LED light that comes on when you power on the PS3. The only downside I can see with this stand is that it uses up one of your USB ports and it doesn't provide any additional USB ports to make up for it.
If you're having the same problem as I was, i.e. very noisy fan on a PS3 slim, then I would recommend this product.