Running any machine at full capacity for long periods of time will wreck it. What's going on is the RAM isn't enough when the information its actively remembering keeps increasing (the current problem at hand until they patch it) and so it will eventually burn out your ps3. I imagine Bethesda may eventually have to pay for a few ps3's to be repaired, but this is also user error to a degree. It'd be like the time I rigged a pentium 4 to run oblivion. I was able to play it for months but that thing burned a hole through my video card but it was clearly my fault.
Again, this is a valid concern due to the bug that causes the processor to be over-taxed. The bug is a system killer, the game is not. Only because you shouldn't run any system at full capacity for long periods of time. The lagging and such is just your system saying, "it's too much for me to handle". If this bug existed in the 360 and computer version, they would likely be doing the same thing.
Overheating it is also a concern (more heat is produced when a system has to work harder) because overheating damages computer components.