This is because the system has encountered a problem when it tries to change the date to 1st March 2010.
Not only that, but trophies (in-game achievements) gained are also effected! Hence the data stored on their PS3 are corrupted due to the clock error.
It seems that this doesn't effect the latest Slim version.
As 31st Dec. 2009, PS3 has sold up to 33.5 million worldwide.
Sony has released a statement ensuring that they are trying to fix the problem.
I just hope they do it quick, 'cause I just bought *Bayonetta a couple days back & I can't wait to play her. ; )
It receive an 8/10 from Gamespot.com, 1 point shy from the Xbox360 rival. This is because the latter doesn't have the hiccups PS3 has when playing the game. Particularly the loading time & frame rate.
*Sony will also come up with a game patch to rectify the game loading time.