PS3 2.70 Firmware causing problems with PS2-PS3 game adapters

There appears to be some major problem with the new FW 2.70 rolled out by Sony just yesterday. According to our tipster, doublefanboy, this firmware messed up the PS2-PS3 game adapters, which now causes the PS3 unit to freeze.

According to him, this was not a problem with the earlier firmwares. Apart from this, another discovered issue was the bricking of the PS3 if it is plugged in while updating.
In the Shoryuken Forums, complaints have been coming in, varying from mixed up buttons to the joypad causing the PS3 freeze. There's even a rumor that game shares for PSN might be disabled in this update.