Keep calm, it’s just another Terms of Service update they don’t give you a prompt for.
So here’s the route I took, and I’m someone in the know – they’re making this way too hard on people;
Locked out of the Sony Entertainment Network (the login portion, not the site) when I checked at midnight, I hopped on my Vita to ask Tyler (who’s almost always online) whether the PSN was down for him – and was caught in an endless login loop. Frustrated, I attempted to access the PlayStation Store… and was met with an error message.
I sighed, and gave up on redeeming my $20 voucher for the day…..
Then at around 3am Tyler logged in and I asked him if the PSN was down – he agreed with me that it was, but then logged into the PlayStation website. What did his eyes behold? Another terms of service update.
Agreeing to this update (after reading the whole thing, of course ;)) will restore proper access to all services.
Oh… and thanks for the warning and the 3 hour mix-up, Sony.
Tl;dr – just sign into the PlayStation website and accept the service agreement they present you with.