My 1TB TC died a week ago and Apple refused to exchange it. So I decided to fix it myself by replacing the two 1500uF 6.3v capacitors and the single 470uF 6.3v capacitor inside the power supply. I got two 1800uF 6.3v and one 820uF 6.3v capacitor from thecapking.com. I cut out the old capacitors but left the leads and soldered the new caps to them. Now my TC is working normally again.
I did not replace the rubber base pad because its holds in too much heat. I put a set of 1/2" rubber feet on the metal base plate so more air could pass through the unit. I hope Apple makes a serious redesign of these products, or at least issue a firmware update that turns the fan on at a much lower temperature.
this is exactly what i am planning to do. great to hear that it works! thanks for the input