We’re well used to PlayStation 3 firmware updates by now, and they’ve really improved the speed with which they download and install. So, you might just press your way through the options and prompts and get the new firmware installed as swiftly as you can so that you can get into your games. But, we’re hearing troubling reports that might mean it’s best to hold off on the update for a while.
There have been plenty of reports on the US PlayStation support forums (I assume most of Europe is still asleep) of the update bricking PS3s. For clarity: It appears that this update is completely killing some PlayStation 3 consoles. Do not download and install it until we get the all clear.
The update is mostly for stability purposes, although it also allows users to switch off trophy notifications. It’s not like it’s a big loss to wait a couple of days while Sony investigates and fixes this potential problem. Don’t forget that if you’re a PS Plus subscriber, you might have your console set to auto download and install these updates too – it might be worth digging into your settings (Settings > System Settings > Automatic Update > Off) and switching that off.
Update: Looking into this a little deeper, it seems like it’s mostly PS3s with 750GB and 1TB hard drives that are being stricken. So it might be an issue with larger, self-installed drives. Still, better safe than sorry.
Source: US PS Support