It turns out the PlayStation 3 2.40 update gave gamers more then what they asked for. So many people were excited yesterday for the PS3 2.40 update until it started to cause a wide range of issues.

User on the Playstation 3 forums started to chime in and complain about issues they were having.  Everything from the system locking up on boot up, icons not there, controller not syncing to even just the wave splash screen sitting there.  It would appear at the moment that there is no pattern to this issue.

Sony's official stance at the moment is that they've temporarily taken the update down and is no longer available for download.  We'll keep any eye out for any changes in to this issue.  Hopefully Sony will somehow be able to fix this without sending you system in or doing a complete re-format of the hard drive.

[Source: PlayStation Forums]