Update :
Over the weekend, I picked a Belkin Notebook cooler for around 800 bux and bought some couple of of rubber\sillicone washers from a hardware shop which you normally place under Glass Tables for around 20 bux . The rubber\sillicone washers were bought to adjust the tilt which is present in the Belkin cooler, the tilt is not adjustable type..
The whole idea was to keep the ps3 horizontal and improve the air circulation in the base of the unit. The belkin models have a concave design which seemed ideal for this purpose also the dimension fit the slim console perfectly...
Belkin sells two products as shown in the link below, both look same from top , but i picked the one which has a fixed tilt(they call it airwing

) cuz its cheaper and claims better air suction capabilities ..
Belkin : Cooling Pad
The fixed tilt of the belkin cooler also acts as a channel for sucking in cool air so i had it place in the reverse order in such a way that the front panel of the ps3is in line with the tilt portion of the belkin cooler (if used with a notebook you woul have the tilt other way around i.e the tilt would be near the lid hinge).
I then placed the washer to compensate for the tilt and the ps3 is now sitting flat..
The USB connector of the cooler was plugged into one of the free ports on the console, once powered on the cooler starts working within 2-3 seconds. Folks sittign ver sloe to the console may hear the rush of the sound and the blades spinning but once you sit comfortably around 7-8 feet back you wont notice it , unless you want to :indifferent14:
Now coming to the actual use, while i dont have proper equipment to measure the temperature variance the usual crude method of placing my hand on anything hot

did seem to tell me there is less heat being dissipitated. Is there any way we can check the temprature in the system ? Googling didnt help

...
Previously since i had it placed on a glass surface the heat generated around the unit was high in my opinion, it might be to do with the fact that glass tends to reflect heat. However now its way less, hope this helps anyone else facing heat issues.
I am sure the console is desgined to withstand high tempratures, but am sure a little bit of cooling can help, especially during summers.
Will post pics once i get back home ....