Ehh.. I have seen some write-ups of it, and it may be a real problem, but you have to really aggrivate the pstwo for it to happen, such as turning it off/on very fast or removing and reconnecting the ac adapter very quickly.. one of the chips locks up and in turn over volts the laser.
Regardless, playing a DVD with high PIF's has never fried anything as far as I know
If your pstwo does die, send it to Sony for a replacement -- they have released a new revision that fixes this "problem".. It has a year warranty on it after all.