UPDATE to my original post.:
Took my early 2011 17" Macbook Pro (AMD 6750M GPU) (3.5 years old, excellent condition, 6 mo expired Apple Care) to a small independent shop that does component work. The guy re-soldered (re-balled) the GPU. He's confident the issue will be resolved. Just got it home. So far so good. Will update later after a few weeks. We'll see..
But if this works, it is a VERY good solution, and I'd recommend it, in lieu of Apple taking care of business as they should.
For those of you in SoCal, the place is called Laptop Repair Center, and it's in Glendale. The guy's name is Sam. Seemed like a very nice and honest guy. Answered all my questions, and I had many. Charged me $160 complete, with a 90 day warranty, and had it done within 24 hours. That definitely beats even the "discounted" "under 5 year old computer" "we're acknowledging the problem with out officially acknowledging the problem" $310 rate Apple offered me to send it off to their depot for a week. ESPECIALLY since they're only going to swap out the logic board with another flawed GPU balling, and you'll likely just have the problem again sooner or later. This way the problem might actually be solved for good, or at least potentially for several more years.
So don't scrap your $3000 machines quite yet!
For anyone not in SoCal, I recommend finding a similar good component level repair shop in your area. This guys was highly rated on Yelp by a bunch of people who've had the same problem.
ALSO -- SOME IMPORTANT INFO I LEARNED FROM HIM!:
1) The solder that they use in the original manufacture is not particularly high quality. But he said this is not uniquely an Apple problem. All the various brands of el cheapo $400 laptops have the problem too. The difference is, ours is a $3000 laptop, and corners should not be cut to save manufacturing cost, as it is in those others.
2) He used a higher quality solder with a higher heat capacity than the original.
3) He also installed SMC Fan Control, and recommended keeping the fans higher in general, and MUCH higher when doing processor intense work (video editing, etc.)
4) He said the fans on MacBooks actually DON'T in fact usually wear out that easily, even when they're cranked up a lot. And even if they do wear out, they're very cheap and easy to replace. SO USE THOSE FANS!
And 5) AND MOST IMPORTANTLY -- he said if you want you Macbook to last a long time without trouble, try to not let the CPU or GPU temps go over about 70-80 degrees Celsius. SO use a temp monitor (SMC has one built in that you can leave on your menu bar so you can see you temp at all times), AND set this fans higher in general, and definitely whenever you get up over 50-60 degrees Celsius to cool it down.
I HOPE ALL THIS HELPS. PASS IT ON!
If this solution works for me, $160 is not an unbearable investment to get another 2-3 years out of my 3 year old Macbook Pro. And I feel like many of you might agree.
Apple does of course need to step up and do the right thing. And when they do, I'll be expecting a $160 credit towards my next Macbook.
Cheers.