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From what I've read, the problems with 2.40 were due to "Excess Administration Data" on the PS3, which would probably explain why the format seemed to work.
From,
Chhris.
Yup, that is correct for the people that were able to fix it by formatting their HDD.
With this update, we have fixed the problem that has prevented a limited number of PS3 systems from activating properly after updating to version 2.40, which was caused by certain system administrative data being contained in the HDD.
We have confirmed that for those users who have successfully updated to version 2.40 and are able to activate the PS3 system, this problem will not occur on your PS3.
Hence why formatting the HDD sorts the problem! However Sony also say...
For those users who have updated to version 2.40 and have experienced the problem that the PS3 Home Menu (XMB) is not appearing, or no images are displaying on the screen, please contact Customer Service.
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