Kotaku: While it seems like every time the PlayStation 3 undergoes a firmware upgrade is plagued by people trying to blame broken systems on the update, last night's 2.40 update seems to have caused genuine issues with many posters over at the official PlayStation forums. Owners of PS3s in all shapes and sizes have been reporting that their systems were loading to the initial PlayStation wave screen and simply hanging there after applying 2.40. No icons, no controller functions, no nothing, just the wave across the middle of the screen.
There doesn't seem to be any real pattern as to which systems are affected. 60GB, 40GB, 20GB, and 80GB systems alike have all been afflicted with the issue. We've contacted Sony for word on the issue, but in the meantime several of the more tech savvy forum posters have determined how to fix the issue, if you're willing to yank out your console's hard disk drive.