When we went to bed last night, everything seemed sugar and rainbows. Over night though, all hell has broken loose. The PSN has gone tits up, bombarding users with a host of 8001050F error codes. The frightening error basically locks you out of the PSN and, erm, corrupts trophy data. It also stops you from playing games such as Heavy Rain and Demon's Souls.!
Sony's got engineers working on the problem right now. It appears that those with PS3 "Slim" systems are unaffected (we're certainly fine here) so if you're sporting a new piece of hardware you're probably safe.
Lets hope this gets solved soon though. This could be a big problem. The general advice right now is, if you have a pre-Slim PS3, don't turn it on, and stick close to the official Playstation blogs.