The game starts up, and goes through the various dev/publisher logos.
After pressing “start” on the start screen, the guide opens to select a storage device. The guide freezes before displaying any information, and the BGM audio cuts out.
After 20-30 seconds, the audio will resume, but the guide remains frozen. Forcing you too shut off the system.
The button has to be pressed twice before the power light on the console turns off. The image of the frozen guide remains onscreen for about 10-15 seconds.
EDIT: There are a LOT of threads regarding this, but let’s try to organize things into one large thread.