UPDATE: Looks like, just as was the case with the Zune bug a few months back, the problem is slowly fixing itself. If you're on the East Coast expect it to be working now, with the remainder of the country soon to follow. We'll keep you posted.

For most gamers rocking any non-Slim model PlayStation 3, the system has become a fancy blu-ray player for the time being. Currently, attempting to log into the PlayStation Network or play most games results in a 8001050F error, making using the system nearly impossible. Sony has been rather quiet on the status of the fix, only commenting that they were "looking into the problem." Now, they've finally broken the silence, posting on the PlayStation Blog about the problem. Patrick Seybold Sr. Director, Corporate Communications & Social Media, said that Sony "hope[s] to resolve this problem within the next 24 hours." We echo their hopes.

They also recommend not attempting to fix the issue, or even turning on the system until given future notice. It could end in corrupted save files or trophies, both of which may be irreparable. Their full statement is below, so check back for more information as it develops. In the meantime... don't turn on your PlayStation 3. Seriously, don't. Do you really want to play the tutorial for Heavy Rain again?

As you may be aware, some customers have been unable to connect to the PlayStation Network today. This problem affects the models other than the new slim PS3.

We believe we have identified that this problem is being caused by a bug in the clock functionality incorporated in the system.

Errors include:

• The date of the PS3 system may be re-set to Jan 1, 2000.
• When the user tries to sign in to the PlayStation Network, the following
  message appears on the screen; “An error has occurred. You have been
  signed out of PlayStation Network (8001050F)”.
• When the user tries to launch a game, the following error message appears
  on the screen and the trophy data may disappear; “Failed to install
  trophies. Please exit your game.”
• When the user tries to set the time and date of the system via the
  Internet, the following message appears on the screen; “The current date
  and time could not be obtained. (8001050F)”
• Users are not able to play back certain rental video downloaded from the
  PlayStation Store before the expiration date.

We hope to resolve this problem within the next 24 hours. In the meantime, if you have a model other than the new slim PS3, we advise that you do not use your PS3 system, as doing so may result in errors in some functionality, such as recording obtained trophies, and not being able to restore certain data.

As mentioned above, please be advised that the new slim PS3 is not affected with this error. We are doing our best to resolve the issue and do apologize for any inconvenience caused.