JordanBlack68 has found something interesting on the latest 2.50 firmware update. Apparently Sony has snuck in a PS3 recovery menu with the latest update.
To go into this mode you need at least firmware 2.50 and do the following:
Place your PS3 in STANDBY mode
Hold the power button until you hear 2 beeps.
If it goes into the video reset setting then you messed up, and do it again till you hear a double beep.