PS3 firmware v2.40 gives hard disks the kiss of death

Hope you didn’t all go rushing to update your PS3s to firmware version 2.40, lured in by the promise of the Achievement-esque Trophy System, larger friend list and in-game XMB. There are 73 pages of consumer complaints on the official Sony PS3 forums all report the same thing - the firmware update ruined their hard disks. The XMB will not boot and games will not play. Instead, users will be met by the wave pattern.
Sony has immediately pulled the firmware update, as reported on the official Playstation.Blog. Joystiq writer Randy Nelson surveyed the massive list of complaints to report a possible solution found by users to restore their PS3s. If people with affected PS3s can remove the hard disk and reformat it on their computers. Of course reformatting means losing everything - downloaded files, add-ons and games, your profiles, movies, games saves, music, etc.
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