Time Capsule 500GB (2nd Gen) won't power up -- is it dead?

Question

Would appreciate some guidance on this issue as I'm curious if this is (A.) known issue; and if so (B.) how to fix if fixable.
BACKGROUND
Two days ago in the midst of a full backup to my 2nd gen 500GB TC, AirPort Utility started to warn me that device was overheating.  Was about 5GB into a 300+GB backup at that point.  I quickly clicked to end backup, and unplugged 3 cables (ethernet to computer; ethernet to modem; and power cord).  Once cooled down (slightly warm but not cold start), I started over but nothing happened.  No amber light.  Nothing.  Waited a day and tried again, this time amber light came one for  a few seconds and then same thing: nothing, light switched off.
Note, prior to all of this, I wiped drive clean as I hadn't used it in a few months.  Was backing up to another drive and using TC as router only.  Switched backup drives when TC started giving problems saying it had no more space.  My iMac had less than 300GB at the time, but somehow TC instead of doing incremental backups as it is supposed to, started stacking one full backup on top of another (hence no space given TC = 500GB).
So a couple of days ago, I thought I'd wipe it clean then do fresh full backup and use TimeMachine to backup to both drives (didn't know it could do alternating drive backups before).  That's when problem above occurred.
Questions (would sincerely appreciate any help those w/ experience + knowledge on this can offer)
Can my TC be saved or am I looking at a new TC purchase?
If not & replacement is required, are TCs in fact reliable backup drives?  Have read a few reports of people complaining of TCs dying inexplicably after 3 or 4 years.  Mine is about 4yrs old.  I loved simplicity of 2-in-1 device coupled w/ Macs legendary ease-of-use.

Answer 1

Can my TC be saved or am I looking at a new TC purchase?
Repairs to the TC and replacing the hard drive (which is 5+ years old, so it should be replaced as well) will likely cost more than the cost of a new TC with 2 TB of storage and a new warranty.
If not & replacement is required, are TCs in fact reliable backup drives?
Not really, as Apple uses inexpensive drives in the TC to keep the costs down. The drive is described in the literature as "server grade".  It's not.
Have read a few reports of people complaining of TCs dying inexplicably after 3 or 4 years.  Mine is about 4yrs old.
3-4 years is about all that you can expect. Most of the 1st Generation TCs failed at 18-24 months due to poor power supply design.
I loved simplicity of 2-in-1 device coupled w/ Macs legendary ease-of-use.
That is the strong point on the TC.
LaPastenague, one of the expert members of the forum, fixes Time Capsules professionally, so he can give you more information if you need it. I'm sure he will offer his comments as well if he sees this post.