Error 8001050F: What We Know About the Death of the PSN
Actual video showing the error message:
http://ps3.ign.com/dor/articles/1073200/error-8001050f-in-action/videos/psn_error_030110.html
Apparently this error is related to Sony programming into the console thinking this year was a leap year, so yes Sony thought it was Febuarary 29th 2010.
http://ps3.ign.com/articles/107/1073007p1.html
Game over for PS3 owners while Sony fixes bug – Yahoo! News.
http://www.pcworld.com/article/190418/leave_your_playstation_3_off_or_else_warns_sony.html/