Naughty Dog Dev writes:
The patch is up! To properly apply this patch, it requires some careful attention on your end. You must watch the screen closely while booting into the beta. As soon as you see the patch message come up in the XMB overlay, you should hit X to accept as quickly as possible.
If you miss the window your PS3 will reset but NOT patch. Simply launch the game and you can try again.
Note: ALL RANKS WILL BE RESET WITH THE PATCH