Sony Playstation 3's worldwide have been locked down, rendering them unable to connect to the Playstation Network, making them lose all online capabilities. Reports state that an error code "8001050F" with a message that it cannot load trophies pops up during the load process. Some users report being locked out of games in an offline setting as well.
An update on the PlayStation Blog, Sony wrote, "We're aware that many of you are having difficulty connecting to the PlayStation Network this evening. Those of you with "slim" PS3s (the 120/250 GB models) appear to be unaffected."
"Know that we have narrowed down the issue and have engineers working to restore service even as you read this. We apologize for any inconvenience this may cause you, and genuinely appreciate your patience while we work to resolve this."
Speculation on the internet is that the issue is caused by the Playstation 3's internal clock.
UPDATE: Sony has advised that PS3 owner's who have yet to turn on their PS3's, to not do it. "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."
If you just have to see the horror for youself, you may see one of these things when you turn it on:

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