After trying to figure out exactly what it was about the latest firmware update that caused so many PlayStation 3 owner's console to go the way of the dodo, it looks like Sony has finally determined the issue, and how to fix it.
Sony informed fans as much in a recent update over at the official PlayStation forums, but didn't identify the exact problem. The update reads: "Hi all, Here is the latest on this issue: We have identified the issue related to the PlayStation 3 software update (version 4.45) that impacted a small number of PS3 systems earlier this week. A new PS3 system software update is planned to be released on June 27 that resolves the issue. Thank you for your patience and understanding and we apologize for the inconvenience. If there is any further updates between now and 6/27, we will drop them here. We will also update on 6/27 when it is available, and steps on how to implement the solution. Thank you"
Two days ago, Sony released firmare update 4.45, which was only meant to give players the option to toggle the message displaying whenever a trophy was awarded. Shortly after the update went live, users began reporting that the once they had installed the update, they were stuck at the "ribbons" screen while booting up their console, effectively bricking the system.
It's obviously unfortunate that the update is still roughly a week away, but that just seems to be how the cookie crumbles.
If you've found yourself with that problem as a result of the update, one thing you can do to try and fix the issue yourself is to reboot the console in safe mode, but this hasn't been a fix for every one.
To access safe mode, power down your PS3, then hold down the power on key until the system has powered up three times. Do NOT release the power key until the third power up. The 1st power mode is normal, the 2nd is video reset, but the 3rd will bypass the broken firmware, and should allow you to re-update.