The extent of the damage incurred during the bug-out is unknown, but will likely surface in the next few hours. No Joystiq staffers lost any of their hard-earned Trophy data, but we're an awfully small sample group for a problem that affected every living being on Earth.
Update: PlayStation Blog confirms that PSN service has been restored and all PS3 systems should be operating normally.
Click past the jump for additional information.
Q. Is it safe to turn on my PS3 now?
A. You bet! The PlayStation Network is online and fully functional for owners of PS3 Phat models, and games appear to be running problem-free.
Q. Do I have to download a firmware update?
A. Nope. The problem should just fix itself automatically, whether you're online or not.
Q. My Trophy data for [insert game here] is gone! (I know, I know -- that's not a question, but still!)
A. If you lost any Trophy data over the past 24 hours, there may be a way to salvage it. Launch the game for which you're trying to restore Trophies and it should automatically recreate a Trophy data set on your PS3's memory, which you can then sync with the PSN server (just by opening up your Trophy list in the XMB). Our Heavy Rain Trophies had vanished, but this trick brought them back from the ether.
Q. The time and date on my PS3 are wrong. How do I fix this?
A. Under Settings in the XMB, then under the Time/Date settings, you should be able to set your console to automatically sync the time and date via the internet.