I suspect a poor connection problem at the ethernet cable into the ps3.Push on this cable and the light should blink fast not slow.It worked for me after trying all sorts of remedies off the net that didnt help.As soon as i pushed the cable and held it there while re doing my network connections/test everything "succeeded" including system update.I let the cable go, and sure enough,"no ethernet cable connected"message and no internet connectivity!!! Havent fixed the connection yet as off to work, but now i know where the problem is. Hope this helps.
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