PS3 Firmware 2.40 Breaking PS3s? Help is Here!

By now everybody has heard how Ps3 firmware update 2.40 turned some consoles into giant black bricks(and it is not model specific)...but, as it turns out, this doesn't affect all Ps3's and Kotaku has reported a way to undo the damage at the expense of saved files. Here is what the article says;
"Users found that removing and reformatting their PS3 hard drive and then reinserting it into the console would get the system to boot completely, after which it asks to reformat the disk again and everything runs normally. Of course they lose all of their saved games and have to redo all of their downloads, but I suppose that is better than sending in the system for a $150.00 repair.

One can only assume that the update was the catalyst that caused certain data on affected hard disks to become corrupt, rendering the system unbootable. It would certainly explain why only certain systems are being affected, and why Sony couldn't have caught the problem in the first place."

While there is still no word from Sony, as they are still figuring out what triggers the problem. Sony also have pulled the upgrade until upgrade.