Sony Have narrowed down the issue affecting PS3's
New information in
Update @ 6pm UK Time 1st March 2010
"We believe we have identified that this problem is being caused by a bug in the clock functionality incorporated in the system."
"We hope to resolve this problem within the next 24 hours. In the meantime, if you have a model other than the new slim PS3, we advise that you do not use your PS3 system, as doing so may result in errors in some functionality, such as recording obtained trophies, and not being able to restore certain data."
"Know that we have narrowed down the issue and have engineers working to restore service even as you read this. We apologize for any inconvenience this may cause you, and genuinely appreciate your patience while we work to resolve this."
They also recommend you follow their Twitter Account for updates, but at the time of writing it hadn't been updated for 14 hours
Unfortunatly there are also reports of Trophies and Save Data being deleted from users Playstations so if you do have a 'fat' PS3 we recommend that you copy the saves onto an external device like a PSP or USB memory stick
Here at PSO we did some of our own research and discovered the following:
You can use the restore option under system settings to manually set the date to the 1st of March 2010 but this fixes nothing
The clock then no longer keeps the time when you turn the system off,
e.g if you set the time to 4:00pm and then turn your PS3 off for an hour and come back at 5:00pm, the clock on the PS3 would still read 4:00pm