AV signal drop out PS3

[rmcdermid]

The system:
PS3 to monoprice HDMI switch to Yamaha receiver to westinghouse tv.

The problem:
My audio and video signal often drop out. Sometimes recovering in a matter of seconds, but sometimes I have to unplug and replug my HDMI cable.

What I have tried so far:
HDMI Cable:
Used a different cable and still got drop outs ruling out the HDMI cable
Monoprice switch:
My Xbox is running through the same switch. It works fine using the same cable the PS3 was using ruling out the switch
Yamaha receiver:
The Xbox runs through the same receiver as well as the cable box. Neither have problems. The Xbox has been tested on the same HDMI port without problems. I also ran the PS3 directly to the TV. In this instance the dropouts still happened but seemed to recover more quickly. I assume because the signal was more direct and not being processed through the receiver and switch.

This leads me to believe the PS3 is the problem component. I am guessing it is either being caused by loss of signal all together or an HDMI handshake issue. I am out of warranty period. Anyone have any ideas or do you think I need a new PS3? This may or may not have been caused by the recent system update.