In a statement issued this morning Sony said they hoped the problem preventing many owners of older PlayStation 3's from playing games would run its course in 24 hours. It looks like it has turned out just that way lending credence to their belief that this lock out was brought on by an error in the internal system clock. Comments coming in from around the Net indicate that nearly all the affected machines are now able to play games again and for most properly showing trophy information after resyncing the data.
We expect an announcement coming from Sony shortly giving an official all clear to fire up those dormant machines and any future steps related to the incident. We'll update here as soon as that comes in.
Update: Sony has posted an 'All Clear' on its blog, confirming that the PlayStation 3's internal clock incorrectly labeled 2010 as a leap year as many have speculated. If the date on your PS3 is still incorrect, "users are able to adjust time settings manually or via the internet."