UPDATE: The problem seems to be resolved by the passing of time and not Sony’s technical expertise. 
If you own a pre-slim PS3, do not turn it on as there seems to be a bug with the calendar of it’s OS. It will set it to some random past date and you will not be able to log into PSN, be able to play some games, and your trophies will not sync up. Sony is aware of the issue and is working towards a resolution.
If you have a slim PS3, you’re good to go.
This happen to me last night. I was playing Heavy Rain and it seemed to be glitching, and the frame rate was dropping. A few minutes later I started to play the God of War 3 demo and it froze on the loading screens. So I went to the XMB and then I got the message! I thought it broke! I hope Sony fixes this soon, in a firmware update or god forbid a recall. But does this make anybody else worried for the future, as in we might have to connect to the internet before we play a game. I can just see all the problems that will bring.
Unfortunately, Ubisoft’s new PC DRM requires you to connect to the internet to play and will even pause or kick you out of the game should you lose connection. Assassin’s Creed 2 was the first to use it.
As for this issue, the old PS3s think it’s 2/29 which is impossible this calendar year, thus the error.
Yeah, I heard that. That is the most ridiculous thing I have ever heard. I need to be connected on-line now to play SINGLE-PLAYER games? I won’t stand for that and will not buy any game that has that DRM.
Its over we all survived… It was a clock error and was fixed around 7:00 EST last night.
Yes, it was “fixed”. The system clock rolled over to a new day that actually existed. lol