Just a heads up guys! Looks like there is a problem with the latest PS3 update. After installing the update, some people's PS3s are getting stuck at the load-up screen and it seems they can't even do a system restore.
All the details here. So for those, who are unaffected, don't let your PS3 update the latest patch for now.
Here's a link to the Sony Official forums for those who are affected. Hopefully, a solution can be found soon.
Edit: Noted by someone on the forums, it seems the update is affecting upgraded HDDs, but it's still best for everyone to stay away.