Problem with PS3 Phat Heat Sensor?

now, I reflowed the system a while back, and it worked fine. i've had to set the fan pretty much its max speed ever since, but I've seen it as a small price to pay. however yesterday I tried reapplying the thermal compound, because the temps this thing threw out would fry the compound almost instantly. xD

After putting some fresh compound on, it doesn't give out anywhere near as much heat, infact the air coming out of the ps3 is practically just above room temp. But, control fan utility still reads ridiculous temps, going slowly from 40, to 80+, while the air flow temp is still exactly the same. is the heat sensor broken, or are my hands broken?

The PS3 still works fine, I get readouts of 50-65 with the fan on maximum, which is still high, but I don't think it's physically getting this hot.

Any ideas on what to do? I'm guessing the predominant answer will 'get a new ps3' x)

Thanks <3