After the update hit last night at around 10:30 CT reports of bricked systems began to trickle in. The symptom is that after the install the PS3 starts and hangs on the ribbon without progressing to the XMB. To me it sounds like the install fails for whatever reason and you’re left without a functioning file system so the PS3 sits there and waits for one to appear. The solution that people have found is if you pull out the PS3 Hard Disk and format it on a computer then put it back into the PS3, and reformat it. This of course will get rid of all your save files and DLC.
Luckily my 2.40 PS3 is working fine.