Seems like most people have got their PS3 back after 24 hours according to posts at gameaxis forum. Some say that once 24 hours is up, the PS3 will know how to roll over the date and so the system will not have "invalid" date.
There are also reported cases of people losing their PS3 trophies.
Official reply from the sony folks.
PlayStation Network Service Restored
Posted by Patrick Seybold // Sr. Director, Corporate Communications & Social Media
We are aware that the internal clock functionality in the PS3 units other than the slim model, recognized the year 2010 as a leap year. Having the internal clock date change from February 29 to March 1 (both GMT), we have verified that the symptoms are now resolved and that users are able to use their PS3 normally.
If the time displayed on the XMB is still incorrect, users are able to adjust time settings manually or via the internet. If we have new information, we will update you through the PlayStation.Blog or PlayStation.com.
We apologize for any inconvenience this may have caused.
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