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As promised, Sony released a new PlayStation 3 software update, version 4.46, to address a bug that affected some console owners who installed version the previous version (4.45), but could not access the system's main menu.
For PS3 owners who installed last week's update but cannot load the system's XMB (Xross Media Bar), Sony outlines a three step process for updating to version 4.46. Console owners will need to download the latest software update to a USB storage device (or depending on the model, another supported storage device), boot into "safe mode" on their PlayStation 3 and then install the update manually.
The full, multistep process is detailed on the PlayStation Knowledge Center at Sony's support website.