Yes lawd!
Sh!t is serious over there at the PlayStation forums
This comment by Knackered at the PS forums has to be the greatest bit of information anybody could take from these situations
"I also have PS3 Slim (the first slim anyway) and updated to 4.45. Same problem as everyone else, stuck on the wavey screen. Luckily you can still boot into 'safe mode' by holding it down until it beeps once, twice, then two more times quickly which will allow you to update to whatever firmware they'll release after this to fix this problem. "








