Updated Story: Sony is aware that the internal clock functionality in the PS3 units other than the slim model, recognized the year 2010 as a leap year. Having the internal clock date change from February 29 to March 1 (both GMT), we have verified that the symptoms are now resolved and that users are able to use their PS3 normally.

If the time displayed on the XMB is still incorrect, users are able to adjust time settings manually or via the internet.