Sony has really messed up on this one, They made an auto update that makes your PS3 think that its february 29, 2010, Which doesn't exist so it constantly restarts it self. and you cant do anything on it. Thoughts?

tl; dr will turn into flame thread ~P

lol, sony. my phone freaked and restarted at midnight last night too.
dont worry, they will probably fix it soon.

Wut? Maybe your PS3 just fails, I'm getting an error (8001050F or whatever) when I try to sign in, nothing more. They fucked up something during a scheduled maintenance, something to do with the date and time on the Fatstation3's, so yeah. If you have a slim you should be fine.

I payed 600$ for my PS3, kind of aggravating to see that Sony is focusing there updates based on the slims, my Fatstation is better :/

It's just for the old ps3s not the new slim ones they work fine. I think there on the verge of fixing it. Thais is also why I love my xbox360. =]

I had no problems.
I have an older Ps3 and was able to play online the past few days with no restarts.

It's fixed.

PlayStation Network Service Restored

Posted by Patrick Seybold // Sr. Director, Corporate Communications & Social Media

We are aware that the internal clock functionality in the PS3 units other than the slim model, recognized the year 2010 as a leap year. Having the internal clock date change from February 29 to March 1 (both GMT), we have verified that the symptoms are now resolved and that users are able to use their PS3 normally.

If the time displayed on the XMB is still incorrect, users are able to adjust time settings manually or via the internet. If we have new information, we will update you through the PlayStation.Blog or PlayStation.com.

We apologize for any inconvenience this may have caused.

http://blog.us.playstation.com/

It is really good that it fixed itself the next day,or sony would have had a real problem in their hand.

Now who still thinks Sony is better than Microsoft?

o/

I don't use my ps3 much so it didn't affect me

Me. This is the first major problem the PS3 has had, and it only lasted for a day. Now I'm pretty sure X360 still has RRoD on their hands.