Well the wait is finally over for million of old PS3 owners. The error which led to users not being able to sign in to PSN and even play games offline has been resolved.
It turned out that internal clock functionality in the PS3 units other than the slim model, recognized the year 2010 as a leap year. Having the internal clock date change from February 29 to March 1 (both GMT), the issue has been resolved and that users are able to use their PS3 normally.
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