Update: Sony's Jeff Rubentstein released this official statement just moments ago: "PS3 slim is good to go, older models should be fine within 24 hrs. Leave em off until then." The cause of the problem was the internal clock.
After experiencing some major problems, Sony has been dealing with some major PS3 system crashes for the last several hours. If you haven't turned your PS3 on in the last five-six hours, please refrain from doing so until Sony fixes the problem.
Aside from having PSN not connect to the internet, some have been noticing that the date has changed on their system, trophies are vanishing, and that many of their games aren't working properly. This has caused a panic among many PS3 owners, though. Oddly, only PS3 owners with the original "fat" model are having problems -- all Slim models work fine. With such a random system crash occurring for unknown reasons, many are wondering what is happening and why a strange error code has been coming up.
If your tried to play any PS3 or PSN titles, you would receive the error code: 8001050F. The detailed explanation given was the following:
Registration of the trophy information could not be completed.
The game will quit.
(8001050F)
After calling Sony's technical support and speaking to one of their representatives, we were told the issue would be fixed by morning and that there is no need to fear about game's trophies or save data, so it's safe to assume these will be fine once the problem is taken care of. It sounds like the fix will be made relatively soon and that there won't be any ill side-effects from the bug. What time the fix will go up exactly is yet to be determined.