Latest PS3 update 4.45 is causing some very bad juju to happen to some consoles. The patch has been removed by SOE, but if you're like me and have Autoupdate turned on, I'd suggest not installing the downloaded patch. I'm not sure what to do with it yet, but once I get a chance later to see how to deny the install and get rid of the downloaded file, I'll post my results.
Of course if anyone has already figured this out, feel most welcome to comment with your procedures and results.