PS3 owners complain of Firmware 2.40 freezes
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A bevy of threads has popped up on the US PlayStation boards showing Firmware 2.40 is causing what appears to be a slew of lock-ups. Look here, here and here.
This thread on Eurogamer also complains of the same thing: after installing the update, some are experiencing an irrecoverable freeze at the "waves" part of the system's boot-up.
We're contacting Sony now.