UPDATE- All systems are nearly go, as reports to Blast Magazine note PS3s are now working. Phew.
Sony finally addressed the world just minutes ago naming error code 8001050F a clock bug issue and promising a fix within the next 24 hours.
Sony says errors include:
- The date of the PS3 system may be re-set to Jan 1, 2000.
- When the user tries to sign in to the PlayStation Network, the following
message appears on the screen; "An error has occurred. You have been
signed out of PlayStation Network (8001050F)".
- When the user tries to launch a game, the following error message appears
on the screen and the trophy data may disappear: "Failed to install
trophies. Please exit your game."
- When the user tries to set the time and date of the system via the
Internet, the following message appears on the screen: "The current date
and time could not be obtained. (8001050F)"
- Users are not able to play back certain rental video downloaded from the
PlayStation Store before the expiration date.
Additionally, Sony told us that PS3 Slim owners have no cause for concern but urged everyone else to not turn on their PS3 as doing so may result in errors in some functionality including recording obtained trophies and not being able to restore certain data.
Battlefield: Bad Company 2 releases at midnight tonight and is heavily centered on online mutliplayer, in which you obviously must be connect to the PSN to play. Ouch.