A week ago, Sony released new firmware for the PS3 that unfortunately messed with a lot of people's consoles, trapping them on a menu screen. Well, having pulled the offending firmware shortly afterwards, Sony now has a fix for those affected, as well as an updated firmware that hopefully works a lot better.
If you're trapped on the "ribbon" screen, you're going to need a USB stick with at least 168MB free space, and to download the new 4.46 firmware using a PC.
Sony has the full instructions here.
Those who heeded our advice and held off on updating their PS3 last week, you can go ahead and download 4.46 now. It should, fingers crossed, work better this time.