Yes this seems quite common however you can fix this you just need to readjust the laser lens it comes off key a little.

Of course you can send it in for repair i used this guide to fix it and got it done in 30 mins! :)

This seems to be quite a common error you can fix it though.

The reason it happens is because the settings are corrupted and /or internal overheating.

I used this guide to fix it form home costs money but beats having to wait for 4 weeks!

Yes Sony will repair it for you - it takes about 2 - 3 weeks and costs $150 about £80, depending on how damaged the machine is it may be replaced or repaired.

If you do not want to have to wait for 4 weeks and pay out the money for repair you can use a guide like YLOD Repair Wizard - I used it and although they say it takes under 1 hour it took me about an hour and a half.

The good thing about the guide is that it only uses household items so is easy to follow.

Hope this helps,

Chris