Kotaku has got loads of comments on this issue
Sony are also 'aware that many of you are having difficulty'
[EDIT 6:00PM] Official line from Sony, DO NOT USE YOUR PS3 PHATTY!
"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."