There I was experiencing a bit of lag on the Playstation Home Network, suddenly all stopped and it went blank. I had realised my PS3 had crashed, so I held down the power button for 7 seconds to turn off the system.

What happened next;

Cannot start.
The appropriate system storage was not found.

Now I am so very sad, it’s died and my PS3 isn’t a year old. I am going to be on the phone to them in the morning.