24 hours has not been confirmed yet, and a warranty can be a current gen console owners best friend.
Internal clock is the issue.
Most PS3 phats started going crazy around the time it hit 12GMT yesterday, the issue will fix itself in about 3-4 hours. They are going crazy because either Sony made a math mistake, or forgot to program non-leap years into the PS3 phat. So the PS3 OS is freaking out, and goes to it's default date of December 31st 1999, and that messes up shit like DRM =P, which is why lot's of shit isn't working at the moment.
Basically, the internal PS3 phat clock is saying it's Feb 29th 2010 right now and the PS3 OS is freaking out because it was never programmed for the event to happen.
I doubt Sony will even release a patch right away, they are just waiting for the problem to fix itself.
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